Accessible, easy to use technology AI transforming world
Spence said there was a revolution happening in biomedical and life sciences and massive energy transition in pursuit of sustainability was the other trend driving transformation
According to economist and 2001 Nobel laureate Michael Spence, the world is experiencing a multi-decade digital revolution, with profound advancements in artificial intelligence during the past ten to fifteen years. He said that powerful science, technology, and instruments were now affordable for everyone and would only become better.
He was giving a talk on Friday at the Law, Economics and Policy Conference in Pune, which was put on by the Institute for New Economic Thinking (INET) and the Gokhale Institute of Politics and Economics. His topic was "Technology and the Idea for the Future."
According to Professor Spence, they were innovations linked to increased accessibility and falling prices, not merely innovations. He noted that this technology was very user-friendly and that no technical expertise was required to operate it. "Those two factors together indicate that its economic impact is substantial," he continued.
Spence argued that in order to fully reap the benefits of technology—such as increased productivity or improved health outcomes—it was necessary to disseminate it throughout the domestic and international economy. This was not going to happen on autopilot, though, as large corporations were testing applications worth billions of dollars. Numerous tiny enterprises were idling about, perplexed about what was happening. He cautioned that this would not work. "At the moment, the public and public sector were busy worrying about the very important downside risks and potential misuse of the technology, while the private sector had decided this was great and was running with it."He stated. He asserted that the government had a crucial role in facilitating the dissemination of technology. He went on to say that it would be interesting to see how restrictions would be implemented globally.
According to Spence, exceptionally strong tools were being given to gifted, imaginative, and highly skilled individuals to push the boundaries of knowledge in a number of fields, including economics, education, and health.
It was a digital assistant for machines and systems as well as for humans; it could be supplied to physicians, utilized in contact centers, and create computer codes. Performance will ultimately decline due to inefficiency, visibility, and transparency caused by the intricate global supply chains and networks, which are nearly difficult for humans to understand and no one has a perspective of. Spence stated that only artificial intelligence (AI) could solve these problems. According to him, if there had been this level of awareness during the epidemic, there would never have been bottlenecks in the semiconductor industry, for example, and global supply chains may have been disrupted.
"There could be a significant increase in productivity in the global economy due to this generation of artificial intelligence, or Gen AI," he stated. Global supply-side restrictions have resulted in a major drop in productivity, which was producing a host of problems including sluggish growth, inflation, rising interest rates, and greater cost of capital. This technology is human-like in that it can switch across domains, something that no other AI version could do.
According to Spence, the biomedical and biological sciences are undergoing a revolution, and the quest of sustainability through a big energy transition is the second trend propelling change.
He gave the work being done at Google's Deep Mind, a cutting-edge AI research facility in London that combines digital technology and biological science, as an example. Their AlphaFold project uses the amino acid sequence to estimate a protein's three-dimensional structure. It is crucial to understand a molecule's structure because without it, you cannot determine what it binds to or conduct drug development. It was a labor-intensive task that required weeks or months to complete in a lab with a highly skilled post-doctoral specialist.They were successful in creating probabilistic prediction machines and AI forecasts. He called it a surprising accomplishment that they had identified 200 million known proteins, forecasted their three-dimensional structure, and released the results in an open-access database that is free to use for all researchers worldwide. Thanks to digital technology, complete DNA sequencing can now be completed for $250, following Moore's Law in terms of cost.
Mobile technology was powered by TSMC, a semiconductor business, and 3-nanometer devices, which have 291 million transistors per square millimeter, are not too far away.
The Jio revolution has changed mobile internet in India, where a large number of individuals now have internet connection. According to Spence, he met the CEO of a significant Indian daily, who informed him that the English-language publication can now be translated into 28 languages in approximately a second and published digitally at no additional expense.
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