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Published in:
2018 | OriginalPaper | Chapter
1. The Economics of Artificial Intelligence
Authors : Soumendra Mohanty, Sachin Vyas
Published in: How to Compete in the Age of Artificial Intelligence
Publisher: Apress
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Abstract
When three types of disruptive forces (a new source of energy, a new kind of transport, and a new kind of communication) converge in concert, something dramatic happens. The cost of goods drops, the demand-supply equilibrium gets disrupted, new avenues of business opportunities open up, society by and large benefits, and we find ourselves at the cusp of an economic revolution. The last economic revolution was driven by oil (new source of energy), automobiles (new kind of transport), and telecommunication (a new kind of communication mode). In the same parlance, the new economy emerging now can be attributed to be driven by the convergence of data (the new oil), autonomous vehicles, and digital communication.