18.9 Review

The following are the main points you should have learned from this chapter:

  • The digital economy puts the emphasis on information rather than matter.

  • The atoms-to-bits transformation, dematerialization, and AI reduce friction in economic transactions, speeding them up.

  • The process of disintermediation, the elimination of intermediary roles, is enabled by AI. It is disruptive to employment patterns in the digital economy.

  • Machine learning systems, trained on massive datasets, may embody racist, sexist, and other attitudes demeaning of human dignity.

  • There are concerns about the alignment between human values and AI systems, in both the short term and the long term.

  • AI applications are permeating the economy, eliminating the need for many skills and increasing the demand for other skills.

  • Transportation and sustainability are two areas of potentially beneficial applications of AI.

  • Ethical codes, legislation, regulation, and certification are being developed to restrict harmful applications of AI.