Power and Prediction

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Artificial intelligence (AI) is increasingly integrated into various industries, marking the beginning of its journey toward enhancing predictions that drive strategic business decisions. This transformation promises to disrupt existing practices, but the full impact is yet to be realized. To navigate this shift, businesses must prepare effectively. In their previous work, the authors outlined the fundamental economics of AI; now, they delve deeper into AI as a prediction technology that influences decision-making. They guide businesses in recognizing both disruptive opportunities and threats posed by AI advancements. Their comprehensive analysis of AI's evolution and historical technological disruptions reveals a critical moment: we are in a transitional phase, having seen AI's potential but before its widespread implementation, termed "the Between Times." This period presents both significant opportunities and risks, as improved prediction technologies will challenge traditional methods. The uneven integration of AI across various systems will create distinct winners and losers. The authors provide valuable insights, examples, and practical strategies for business leaders and policymakers to harness AI disruptions effectively, ensuring they work in their favor rather than against them.