Shiller on Artificial Intelligence: “It will be the next revolution”
Let's start with some news. Almost 26 million dollars I am vanished in the ether in Hong Kong where the employees of a well-known British multinational have been deceived from what is called a Deepfake, that is, a video created by Artificial Intelligence which authorized the transfer of money in a supposed call that in reality it didn't exist but which appeared absolutely truthful.
Having said this, we would like to point out an interesting interview with Nobel Prize winner Robert Shiller, professor at Yale, on Sole 24 Ore. “I am convinced that there will be one new revolution in economics, because digitized data, recorded narratives, stored by artificial intelligence will be used in an increasingly widespread manner. We are entering in a new territory made of data. In the future there will be indices on narratives. Narratives come and go, they are like infectious diseases that infect and then pass and we almost forget about them, but then they return, modified: and narratives will also disappear and then return.
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This revolution in economics has already begun, we are experiencing it now but it will take decades before understanding it.” Artificial Intelligence “feeds” on the Webliterally eats the Web every day and so, even at this moment in which you are reading this, AI stores millions and millions of raw data, which it then structures, upon human request, into “narratives”, as the professor says. AI becomes the critical conscience of the World, or rather of the Universe. A sort of God who knows everything, as the Jesuit philosopher Pierre Teilhard de Chardin had predicted with his Omega Point. AI can be applied to any field, but its preferred sphere of choice is the one where there is data in numerical form and therefore the sciences. Since Economy and Finance are full of data, Artificial Intelligence promises to revolutionize the world of money in particular. Just think of the stock market which from a scientific point of view is an almost unpredictable magma of continuous oscillations with some regularity.
This because the “forces” that drive it they are not as “honest” as those of Newtonian physics for example which reveal themselves correctly as they are. Economic forces are hidden and only partly predictable since the rest is made up of psychological decisions, intuition and a myriad of environmental factors that are difficult to quantify. But AI performs the miracle: angelically transforms the (immense) quantity of data into (limited) qualityprecisely in “narratives” as Shiller says and can provide increasingly accurate forecasts on the stock market. If there is any regularity, AI notices it and transforms it into narration.
Shiller in his interview says: “Artificial Intelligence is the next revolution”. And she is absolutely right. The terrible brute power of his knowledge will increasingly allow us to identify regular series in the magmatic universe of numbers and transform them into predictions which in turn will come true because everyone will listen to his advice. A self-fulfilling prophecy. We conclude with the news from which we deliberately started. The millionaire scam of Hong Kong must make us reflect that beyond the immense possibilities offered by AI there are naturally various dangers, as in all technologies. Already now the IT majors are racing for develop strategies capable of identifying the use of Artificial Intelligence and reporting it. And as with any technology, a balance will be reached between risks and opportunities.
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