Power And Prediction: The Disruptive Economics of Artificial Intelligence by Ajay Agrawal, Joshua Gans, and Avi Goldfarb. In a direct follow up to their book Prediction Machines: The Simple Economics of Artificial Intelligence,
Ajay Agrawal is an economics professor at the University of Toronto’s Rotman School of Management as well as the Professor of Strategic Management.
Joshua Gans is a Professor of Strategic Management at the University of Toronto’s Rotman School of Management. Joshua is also Chief Economist of the University of Toronto’s Creative Destruction Lab.
Avi Goldfarb is the Chair in Artificial Intelligence and Healthcare and Professor of Marketing at the Rotman School of Management, University of Toronto. Avi is also Chief Data Scientist at the Creative Destruction Lab, Senior Editor at Marketing Science, and a Research Associate at the National Bureau of Economic Research. In addition, Avi’s research focuses on the opportunities and challenges of the digital economy.
Ajay, Avi, and Joshua once again are delivering deep insights into AI prediction and the impacts upon business and society are outlined. Both good and bad. In fact, organziations need to fully understand the impacts.
AI’s prediction is a double edge sword
In Power And Prediction Ajay, Avi, and Joshua are expanding upon their theory about the economic impacts of AI. To no surprise, Prediction Machines became a bestseller. So, Power and Prediction is further revealing the impact of AI’s predictions upon business, decision-making, and they are identifying AI’s disruptive opportunities.
They are writing more deeply about a phase they call “the Between Times” which identifies our current transitional phase with AI. Two areas identified will certainly impact business and our connected society. Many understand the new emerging value of AI upon industries and markets. However to be fair, Ajay, Avi, and Joshua certainly point out the threats to business disruption. As AI makes deeper inroads into those same industries and markets, the legacy workflows will certainly be upended and perhaps even at risk of elimination.
So, is your organization ready ?
Perhaps even more strikingly, is the impact of the pandemic upon business and society. The acceleration of supply chains and consumer goods make an already aggressive market even more cut throat. Who wants to be the next Blockbuster Video in the age of Netflix? Look no further than Rite Aid, Bed Bath & Beyond, or even EV manufacturer Lordstown Motors as businesses that closed this year.
In conclusion, the question is no longer should your organization adopt AI. Ajay, Avi, and Joshua have published something unique. Two AI books that cannot be ignored. Start with Prediction Machines. Then make Power And Prediction your immediate follow up read. Today’s power of AI prediction will keep you in the game. Or you can watch from the sidelines. Again, very insightful and simply a must read.