Table Of ContentTHE BUSINESS Economic Renaissance M Economics and Public Policy
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EXPERT PRESS L Collection
in the Age of Artifi cial A
DIGITAL LIBRARIES Y
Philip J. Romero and Jeffrey A. Edwards, Editors
Intelligence
EBOOKS FOR
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Edited by Apek Mulay
Curriculum-oriented, born-
digital books for advanced Marshall Goldsmith wrote in his book, What Got You Here,
business students, written Won’t Get You There, that people rely on their past experience to
by academic thought address new challenges. The limitation with this approach is E
C Economic
leaders who translate real- that these new challenges often arise from different contexts O
world business experience and may not be susceptible to traditional approaches. N
into course readings and O
In the coming era of artifi cial intelligence (AI), expanded M
reference materials for Renaissance
use of robots, and increased trans-national commerce, I
students expecting to tackle C
humanity will face monumental challenges that will differ
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management and leadership
from those we have faced in the past, including how to avoid E
challenges during their N
mass unemployment due to rapid growth of automation. A in the Age
professional careers.
In order to survive and thrive in this new era, we will have I
S
POLICIES BUILT to think and act differently, so that new ideas can solve not S
A
BY LIBRARIANS only the problems of the present but also of the near and N of Artifi cial
distant future. C
• Unlimited simultaneous
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usage Economic Renaissance in the Age of Artifi cial Intelligence
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• Unrestricted downloading explores a wide range of new approaches to the economic, N
and printing social, legal, scientifi c, technological, fi nancial, architectural, T Intelligence
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• Perpetual access for a environmental, and humanistic challenges that humanity E
one-time fee will face due to increased automation. The new methods and A
• No platform or approaches outlined by the various experts in this book will G
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maintenance fees help inform and inspire humanity to create a more balanced
O
• Free MARC records world in which science, economics, and the environment can F
• No license to execute thrive for years to come. A
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The Digital Libraries are a Apek Mulay is founder of Mulay’s Consultancy S ervices and T Edited by
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comprehensive, cost-eff ective an entrepreneur with WFG. He authored several books such F
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way to deliver practical as Mass Capitalism: A Blueprint for Economic Revival (2014), CI Apek Mulay
A
treatments of important Sustaining Moore’s Law: Uncertainty Leading to a Certainty of IoT
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business issues to every Revolution (2015), How Information Revolution Remade the Business I
N
student and faculty member. and the Economy: A Roadmap for Progress of the Semiconductor
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Industry (2016), New Macroeconomics (2018) and edited Economic E
L
Renaissance in the Age of Artifi cial Intelligence (2019). He has L
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also authored a monograph on technology entitled Improving G
For further information, a Reliability of Tungsten Plug Via on an Integrated Circuitry (2016). EN
free trial, or to order, contact: He holds two masters degrees—one in electrical engineering C
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from Texas Tech and other in business analytics from The
[email protected]
University of Texas at Dallas. www.ApekMulay.com.
www.businessexpertpress.com/librarians
Economics and Public Policy Collection
Philip J. Romero and Jeffrey A. Edwards, Editors
ISBN: 978-1-94784-394-3
Economic Renaissance
in the Age of Artificial
Intelligence
Economic Renaissance
in the Age of Artificial
Intelligence
Edited by
Apek Mulay
Economic Renaissance in the Age of Artificial Intelligence
Copyright © Business Expert Press, LLC, 2019.
All rights reserved. No part of this publication may be reproduced,
stored in a retrieval system, or transmitted in any form or by any
means—electronic, mechanical, photocopy, recording, or any other
except for brief quotations, not to exceed 400 words, without the prior
permission of the publisher.
First published in 2019 by
Business Expert Press, LLC
222 East 46th Street, New York, NY 10017
www.businessexpertpress.com
ISBN-13: 978-1-94784-394-3 (paperback)
ISBN-13: 978-1-94784-395-0 (e-book)
Business Expert Press Economics and Public Policy Collection
Collection ISSN: 2163-761X (print)
Collection ISSN: 2163-7628 (electronic)
Cover and interior design by Exeter Premedia Services Private Ltd.,
Chennai, India
First edition: 2019
10 9 8 7 6 5 4 3 2 1
Printed in the United States of America.
This book is dedicated to my friend and my mentor
Dr. Ravi Batra
Abstract
Development of Artificial Intelligence (AI) has become a top priority for
most leading economies. However, there is an evidence of productivity
paradox in today’s economy. There is also an evidence that in the last 30
years, growth in productivity from technological innovations has resulted
into more income inequality as well as formation of giant oligopolies in
the technological sector.
Marshall Goldsmith wrote in his book What Got You Here, Won’t Get
You There that people rely on their past experience to address new chal-
lenges. The limitation with this approach is that these new challenges
often arise from different contexts and may not be susceptible to tradi-
tional approaches.
In the coming era of AI, expanded use of robots, and increased trans-
national commerce, humanity will face monumental challenges that will
differ from those we have faced in the past, including how to avoid mass
unemployment due to a rapid growth of automation. In order to survive
and thrive in this new era, we will have to think and act differently, so that
new ideas can solve not only the problems of the present but also of the
near and distant future.
The economic policies of past that have driven the technological prog-
ress would further increase disparity because the owners of capital will
eventually become the owners of robots. Hence, Economic Renaissance in
the Age of Artificial Intelligence calls for a total restructuring of the econ-
omy based on a new economic treatise that prioritizes creating employ-
ment opportunities for human beings over offering free social benefits
such as universal basic income (UBI).
This book explores a wide range of new approaches to the economic,
social, legal, scientific, technological, financial, architectural, environmen-
tal, and humanistic challenges that humanity will face due to increased
automation. The new methods and approaches outlined by the various
experts in this book will help inform and inspire humanity to create a
more balanced world in which science, economics, and the environment
can thrive for years to come.
viii ABStrACt
Keywords
Internet of Things (IoT); big data; artificial intelligence (AI); blockchain;
sustainability; watershed society; fantacities; collaboration; world consti-
tution; entanglement; self-realization; complimenting economy; business
analytics
Contents
Foreword ...............................................................................................xi
Preface ................................................................................................xiii
Acknowledgments ...............................................................................xxiii
Part I Technology Background ����������������������������������������������1
Chapter 1 Internet of Things: A Revolutionary Economic
Opportunity .....................................................................3
Satinder Paul Singh
Chapter 2 Impact of Big Data and Artificial Intelligence
on Economy ...................................................................31
Sreenivas Adiki
Chapter 3 Blockchain: The Future of Fintech Innovation ................57
Shrikant Shete
Part II Social, Environmental, and Ethical Aspects ���������������71
Chapter 4 Monsters of Our Own Making .......................................73
Michael McAllum
Chapter 5 Beyond Sustainable Capitalism: Why Green
Technology Alone Cannot Save the Environment ...........97
Roar Bjonnes
Chapter 6 Will Artificial Intelligence Enable a Collaborative
Socioeconomic System or Entrench a Predatory
System? .........................................................................115
Stephen Willis
Part III Policy Options ���������������������������������������������������������145
Chapter 7 Technology, Universal Income, and the Watershed:
A Case for Urgent Planetary Change.............................147
Matt Oppenheim
