by Kari Grenade, PhD, Caribbean Economist and Macroeconomic Advisor
I am fascinated by artificial intelligence (AI), yet a bit nervous as well. In layperson’s language, AI is the use of sophisticated computer systems and large datasets to simulate human intelligence to solve problems.
Last week at the Eastern Caribbean Central Bank’s 7th Growth and Resilience Conference, there was a mind-blowing presentation entitled “from the bust of the pandemic to the boom of artificial intelligence.” In that fascinating presentation, the presenter described the awesome capabilities and powers of AI, which according to the presenter, has the potential to fundamentally alter human existence in the coming decades. The presenter contended that in the coming years, AI will cause a transition from knowledge workers to visionary workers, like the transition from manual workers to knowledge workers with the advent of the computer decades ago. Visionary work, as explained by the presenter, will be based on one’s imagination, creativity, and broad expertise and not based on one’s handling of analytical or theoretical information or single expertise. Indeed, we already see the global trend of rapid automation that is radically altering knowledge work. It appears powerful open AI technologies such as ChatGPT, for example, will soon banish the words “I don’t know” from our vocabularies. Will we be the last generation to use those words? Perhaps.
The presenter also demonstrated an immersive AI tool that increases the spectrum of what can be digitally transferred. The presenter opined that in the not-too-distant future, humans will no longer be transferring static data and information to each other using PowerPoint slides but will be using immersive AI technology to transfer their ideas and imagination, making virtual and augmented reality experiences the norm. In that context, AI will trigger a shift from information technology to imagination technology.
The powers of AI technology appear to be potent and far-reaching. AI is already changing our world as we know it, with massive implications for how we live, work, and interact with each other. Globally, AI is already being used in key industries and sectors, including finance, commerce, healthcare, criminal justice, transportation, education, urban development, and national security.
The fast-moving AI technology brings both excitement and anxiety. Indeed, AI raises important questions for governance, society, economy, and the natural environment. How should the governments and peoples of the Caribbean think about and respond to AI? What does AI portend for the functioning of small open economies and societies such as those in the Caribbean? Should we in the Caribbean be worried or excited, or both, about AI? These are some questions that we in the Caribbean must confront. There is still a lot to learn about AI, including its uses, weaknesses, benefits, and specific applications to the Caribbean before some of the questions can be meaningfully answered.