Future of work

Should economists be more concerned about artificial intelligence?

There is both growing concern among economists about the potential speed and extent of the disruption caused by automation and also a temptation to draw conclusions from previous industrial revolutions, when apparently similar concerns about apparently similar risks proved unfounded. The not very illuminating conclusion is that it would be a mistake to dismiss the risks too lightly.

Mauricio Armellini and Tim Pike – Bank of England

Data and AI

Weapons of Math Destruction

A polemic against the misuse of big data models by a reformed hedge fund quant – the book’s subtitle, ‘how big data increases inequality and threatens democracy’, is a pretty good indicator of what is to come. Using examples from policing to insurance and teacher evaluation, she shows that the underlying models often encode and reinforce prejudices, rather than being the embodiment of objectivity often claimed for them. It’s very US focused, both in its examples and in its style (a half way decent copy editor could easily make it a third shorter), but it’s a good, simple and readable introduction to some important issues.

Cathy O’Neil – Weapons of Math Destruction