Never before has there been such a constant change and speed in the development of Technology. The changes are more radical and more frequent year on year and month on month. One of the results of the increasing change is the increasing presence of A.I. in all aspects of daily life. This change in technology is expected to have a large knock-on effect on the economy as well.
What are the potential benefits for the economy?
A.I. is expected to add over $600 Billion to the exchequer within the next twenty years. Most of the additional revenue is due to come from improved resource utilisation, improved data reporting and overall usage and overall personalised end-user experiences in a wide range of services.
Currently, the UK is amongst the forerunners in relation to A.I. development and implementation. There is a belief that currently there is not enough being done to consolidate this position by the government for the future. There needs to be a developed strategy for the future of A.I. from the government.
A new report has been commissioned by the government, has recommended the creation of funding for up to 300 new masters degrees for students in AI each year and up to 200 doctorate degrees as specialists in the topic of Artificial intelligence. This is the current number of individuals that it is estimated is required for developments at the current rate. This number may well increase as we see more resources being allocated to this field.
Are there any risks?
As with any new technology and the subsequent management of the technology, there are a number of risks. Currently, there is a risk due to a brain-drain of subject matter experts in the field as many of these experts have been drawn to work for a small number of private large tech companies. The issue is that experts are moving away from public sector roles and away from academia in general.
Due to the rapid changes in the technology, a lack of staff for in academia could lead to issues in teaching the students for the future. The brain-drain also leaves a small group of companies with a sort of a monopoly on the knowledge. It is hard to see how the government and the public sector, in general, will be able to reverse this brain train trend.
The deep pockets of the tech companies allow them to offer perks that public sector jobs simply cannot.
Whilst the UK currently has the skills that are needed for the A.I. revolution that we are currently going through, where these experts end up working is something that the government needs to ensure is managed better than it is currently. After all, A.I. is being touted as the most powerful development and potentially dangerous development that mankind has made to date. In the economy and world where knowledge is power, we need to know what the main experts are working towards.
