Manufacturing is still critical to the economy United States. Clyde Prestowitz, says it's time to start realizing the positive spillovers that manufacturing creates... Read more
Stephen Olson at Chinese Development Institute Conference
Clyde Prestowitz giving presentation to CDI...
Steve Olson teaching trade negotiations at the Mekong Institute...
Stephen Olson to speak at upcoming workshop organized by the International Institute for Trade and Development on
"Economics of GMS Agricultural trade in goods and services towards the world market"
Chiangmai, Thailand Sep 8-12.
Robert B. Cohen, PhD, Senior Fellow, Economic Strategy Institute, March 15, 2018
(click here to download the full report in PDF format)
Changes in the Macro Economy and the Rise of Big Data
Previous analysis1 predicted that nearly half of U.S. jobs would be at risk of being displaced due to the automation of more routine skills. A shortcoming of this work was its inability to estimate how the introduction of digital processes and operations built upon innovative computing and software might have more complementary impacts on key parts of the economy. This analysis addresses this gap.
As firms’ operations rely in a much greater way on data analytics and data-insights and Big Data, more intelligent analytics and improvements in software development processes are becoming more central to the success of operations and a key determinant of competitiveness. Once there is wider use of machine learning (ML), artificial intelligence (AI), visualization and other tools for sophisticated analytics, the performance improvements achieved by this new focus on data are likely to be more apparent:
Our approach to discern the impact of AI and ML is to focus on the scale and growth of intelligent functions. This perspective places analytics in a central economic role; analytics implement new efficiencies throughout the economy. If we add intelligence2 to our analysis of the roll-out or growing scale in which AI and ML are employed, we can define several levels of scaling or optimization that characterize how these technologies are applied in business processes:
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