đź“š Prediction Machines
The Simple Economics of Artificial Intelligence

Ajay Agrawal, Joshua Gans, Avi Goldfarb

The book focus how economies of scale are reduced with democratized AI, fully-automated decision making, reducing complexity in operations and managing AI risk.

The new wave of artificial intelligence does not actually bring us intelligence but instead a critical component of intelligence—prediction. - Ajay Agrawal.

🚀 The Book in 3 Sentences

1) Prediction is at the heart of making decisions under uncertainty. Our businesses and personal lives are riddled with such decisions.

2) Prediction tools increase productivity--operating machines, handling documents, communicating with customers.

3) Uncertainty constrains strategy. Better prediction creates opportunities for new business structures and strategies to compete.

Impressions

I love how simple, straight-forward and an easy read this turned out to be. The authors are economists, and therefore, they bring the unique and logically consistent perspective of how commercialized predictability is at the heart of successful AI companies and adoption and will be the blueprint of future innovation and risk. The book focus how economies of scale are reduced with democratized AI, fully-automated decision making, reducing complexity in operations and managing AI risk. When AI is framed as cheap prediction, its extraordinary potential becomes clear:

Who Should read it?

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My Top 3 quotes

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