Archive for the ‘economics’ category: Page 2

Feb 14, 2024

Are we ready for the quantum economy?

Posted by in categories: economics, government, quantum physics

Earlier this week I went to a roundtable in London hosted by the UK government’s Office for Quantum to gather views from industry and academia about adapting the UK workforce to quantum technologies. The Quantum Skills Taskforce Workshop was co-hosted with techUK, a UK-based trade organization for the technology sector. Featuring 60 participants from academia and industry, the day featured lively discussion and debate about what the next decade has in store for the UK quantum sector.

All major economies around the world now seem to have their own quantum plan and the UK is no exception. In fact, the UK is onto its second National Quantum Strategy, which was launched in March 2023 by the Department for Science, Innovation and Technology (DSIT). Setting goals for the UK to become a “quantum-enabled economy” by 2033, it also established an Office for Quantum within the DSIT.

Feb 3, 2024

Biotech is the new focus in U.S.-China tech rivalry

Posted by in categories: biotech/medical, economics, food, security

The need to quash outbreaks, quickly create medicines, stress-proof crops and fend off other 21st century threats is providing a lucrative arena for biotech companies to sell their services.

Why it matters: But the infrastructure to support such ambitions is increasingly recognized by the U.S., China and other countries as a linchpin of national security and economic strategy, putting it at the center of geopolitics.

Jan 30, 2024

Forecasting Floods: Implications of Back-to-Back Atmospheric River Events

Posted by in categories: computing, economics, information science

How can back-to-back atmospheric rivers impact the economy? This is what a recent study published in Science Advances hopes to address as a team of researchers led by Stanford University investigates the economic toll of back-to-back atmospheric rivers compared to single events. This study holds the potential to help scientists, the public, and city planners better prepare for atmospheric rivers, as they can cause widespread flooding in short periods of time.

For the study, the researchers analyzed data from the Modern-Era Retrospective Analysis for Research and Applications, version 2, (MERRA-2) between 1981 and 2021 and computer algorithms to ascertain the economic impact of atmospheric rivers throughout California. The goal was to ascertain how much worse back-to-back atmospheric rivers were compared to single events. The study’s findings discovered that back-to-back atmospheric rivers caused three times greater economic damage than single events, which is also higher when the first atmospheric river exhibits greater strength.

“Our work really shows that we need to consider the likelihood for multiple, back-to-back events for predicting damages, because damage from multiple events could be far worse than from one event alone,” said Dr. Katy Serafin, who is a coastal scientists and assistant professor in the Department of Geography at the University of Florida and a co-author on the study.

Jan 27, 2024

The Creator Economy Is Facing A Perfect Storm Of AI-Generated Content And Piracy

Posted by in categories: economics, robotics/AI

Brandon Clement is not afraid of a little headwind.

From Taylor Swift deepfakes to systematic theft of copyrighted content, social platforms are being overwhelmed by AI-driven bad actors.

Jan 25, 2024

Kenya strikes large deposits of mineral used in phones, laptops

Posted by in categories: computing, economics, mobile phones

Kenya has announced that the precious coltan mineral, which is used in the manufacture of cell phones, laptops and other communication gadgets has been found in the country.

Mining and Blue Economy Cabinet Secretary (CS) Salim Mvurya said on Wednesday that adequate deposits of coltan have been found in six counties.

The rare metallic mineral, mostly found in the eastern part of the Democratic Republic of Congo (DRC), is mainly used for the production of electronic goods of mass consumption, such as mobile phones, laptops and videogame consoles, and its discovery in Kenya is set to raise the country’s profile as a mineral exporter.

Jan 23, 2024

Rethinking AI’s impact: Study reveals economic limits to job automation

Posted by in categories: business, economics, existential risks, robotics/AI

The study, authored by five MIT researchers and titled Beyond AI Exposure, delves deep into the practicalities of replacing human labor with AI in the US, focusing on tasks that lend themselves to computer vision, such as those performed by teachers, property appraisers, and bakers.

Like many of us, you might find yourself nodding to a familiar digital doomsday chorus that vibrates through offices and coffee shops alike: AI will take my job!

Continue reading “Rethinking AI’s impact: Study reveals economic limits to job automation” »

Jan 23, 2024

Oops! Replacing Workers With AI Is Actually More Expensive, MIT Finds

Posted by in categories: economics, employment, food, robotics/AI

A team of MIT researchers has found that in many instances, replacing human workers with AI is still more expensive than sticking with the people, a conclusion that flies in the face of current fears over the technology taking our jobs.

As detailed in a new paper, the team examined the cost-effectiveness of 1,000 “visual inspection” tasks across 800 occupations, such as inspecting food to see whether it’s gone bad. They discovered that just 23 percent of workers’ total wages “would be attractive to automate,” mainly because of the “large upfront costs of AI systems” — and that’s if the automatable tasks could even “be separated from other parts” of the jobs.

That said, they admit, those economics may well change over time.

Jan 22, 2024

New MIT CSAIL study suggests that AI won’t steal as many jobs as expected

Posted by in categories: economics, employment, robotics/AI

Will AI automate human jobs, and — if so — which jobs and when?

That’s the trio of questions a new research study from MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL), out this morning, tries to answer.

There’s been many attempts to extrapolate out and project how the AI technologies of today, like large language models, might impact people’s’ livelihoods — and whole economies — in the future.

Jan 19, 2024

‘Matrix here we come’: Scientists say AI now able to reproduce new AI on its own for the first time

Posted by in categories: economics, robotics/AI

Artificial intelligence models can now replicate independently new AI systems without any human intervention, according to scientists of the project.

A scientific collaboration between Aizip Inc., the Massachusetts Institute of Technology, and several University of California campuses has made a breakthrough in using larger AI models that can create smaller AI models.


Jan 18, 2024

Meta is pouring money into the creation of human-level artificial intelligence, Zuckerberg says

Posted by in categories: economics, robotics/AI

On Thursday, Meta CEO Mark Zuckerberg described the company’s efforts at achieving artificial general intelligence.

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