This lecture is from the course Generative AI for Business.
We explore the cost reduction model as a key way to understand the potential business and market impact of using Generative AI.
As AI systems become capable of matching and even surpassing human expertise in complex tasks, traditional industries face disruption.
While economic models do provide valuable insights, they alone can't fully capture the nuanced impact of AI on society and the economy.
Ethical considerations, regulatory frameworks, and unforeseen technological developments will all play crucial roles in shaping the future.
As generative AI continues to evolve, so too must our understanding of its economic implications, necessitating ongoing analysis and adaptation in both business strategies and economic policies.
References:
https://www.core-econ.org/the-economy/v1/book/text/leibniz-03-06-01.html
https://bccs.bristol.sch.uk/media/1308/bs-chapter3.pdf
