The book ‘Prediction Machines - The Simple Economics of Artificial Intelligence’, co-written by University of Toronto professors Ajay Agrawal, Joshua Gans, and Avi Goldfarb, was released in April 2018. It quickly achieved success as it became an Amazon Canada best-seller in the non-fiction category. It was also featured on numerous publications in the US such as the New York Times, the Economist, Wall Street Journal, and the Financial Times.
What is refreshing about the book, and added to the debate concerning the impact artificial intelligence will have on business and society, were a number of factors:
This is a book written by economists about artificial intelligence and so gives a different perspective to a field dominated in the media by the thoughts of theoretical physicists, technologists, and business leaders. Economists have a habit of looking at what a new technology will make cheaper and the ramifications this will have on the economy and wider society.
The book is also a look at AI in its current state and what it means for business today. It is less concerned with general AI and all the huge philosophical and moral issues surrounding that topic.
Finally, the book gives business leaders a framework into how to use AI to adapt or even revolutionize their current business models. It is a practical book that gives access to strategical insights and tips to implement and use today or in the near future.
As well as getting a lot of press coverage in North America, because of the reasons outlined above, the book achieved widespread global coverage, including being featured in numerous broadsheets in the print media in India.
This article provides six examples of this: