Invest Like The Best
Episode 321 The Economic Impact of AI
Invest Like The Best

Episode 321: The Economic Impact of AI

Invest Like The Best

Episode 321

The Economic Impact of AI

Avi Goldfarb is a Professor at the University of Toronto. We cover the pace of AI's development compared with other technologies, the transition from a world governed by rules to one governed by decisions, and the disruptive effects of AI on existing businesses and professions.

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(00:03:15) - [First question] - His initial reaction to ChatGPT when it first launched 

(00:07:08) -
Prediction Machines
; The impact price has on how much something is used by humans

(00:11:07) - The shift from steam powered factories to electric ones and the transition between the two in regards to systems and application solutions;
Power and Prediction

(00:17:06) - Midpoints between a point solution and a systems solution and applications that are being built in the middle of them

(00:19:10) - What application, system, and point solutions feel like today in the world of AI

(00:27:03) - The transition from a world governed by rules to one by decisions  

(00:30:58) - How the power of prediction moves us from a binary to a decimal framework

(00:34:48) - Ways power disruption will occur as we navigate the emerging AI frontier

(00:44:33) - Other functions like personalization that entrepreneurs should think about putting into their products and features

(00:47:18) - How we should be thinking about the generation of information and data 

(00:51:32) - A future where technology either desimates or empowers specific industries

(00:54:16) - What he’s most excited and worried about given the emerging frontier of AI 

(00:55:41) - The kindest thing anyone has ever done for him

The Economic Impact of AI

Introduction

Patrick
My guest today is Avi Goldfarb. Avi is a professor at the University of Toronto's Rotman School of Management, the Rotman share in artificial intelligence and health care as well as the co-author of two best-selling books on AI and its economic impact. His most recent book, Power and Prediction is probably the best piece of content I have read in explaining how AI may reshape business models, systems, and products. We recorded this before GPT4 was released last week, which, if anything, makes obvious ideas on AI's impact all the more point in. Please enjoy my conversation with Avi Goldfarb.

ChatGPT, Prediction Machines, and the Future of AI

Patrick
Avi, we were just chatting before we hit record about ChatGPT. We have to start here. I'm so curious about your reaction to it because it came out almost immediately after your book was published. So we're going to talk about all the ideas in the book in great detail. But first, just give me your unvarnished reaction to when you saw that come out and what you've been thinking about it since.

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