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A review by jasonfurman
Prediction Machines: The Simple Economics of Artificial Intelligence by Joshua Gans, Avi Goldfarb, Ajay Agrawal
5.0
An excellent book on the economics of Artificial Intelligence. Steeped in both economics and AI/ML, this book steers clear of hype (or anti-hype), applying standard economic concepts to a rapidly emerging phenomenon. The book is geared to business readers not economists or policymakers but it has a lot to offer to everyone.
At the heart of the book is the concept that AI/ML is a "prediction machine" that is dramatically lowering the cost of making predictions, which will lead to making it cheaper to engage in existing practices but also will open up new possibilities. The authors mostly focus on what businesses need to do in order to take advantage of those opportunities but with a some broader social/political/policy context.
Highly recommended.
At the heart of the book is the concept that AI/ML is a "prediction machine" that is dramatically lowering the cost of making predictions, which will lead to making it cheaper to engage in existing practices but also will open up new possibilities. The authors mostly focus on what businesses need to do in order to take advantage of those opportunities but with a some broader social/political/policy context.
Highly recommended.