Digital Economics and the Value of Judgement

Posted by Peter Rudin on 25. November 2016 in News

Technological revolutions tend to involve certain activities becoming cheap, like the cost of communication or finding information. Artificial and Machine Intelligence as applied today are, in their essence, a prediction technology, so the economic shift will result in a drop in the cost of prediction.

As a consequence we will start using prediction to perform tasks where we previously didn’t. Second, the value of other things that complement prediction will rise.

For example the value of human judgement will rise as the cost of prediction is falling as discussed in the following article by Prof. Joshua Gans, professor of strategic management at the Rotman School of Management, University of Toronto.

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