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George Mentz: The New Economics of Artificial Intelligence

George Mentz: The New Economics of Artificial Intelligence

Nissan`s in-vehicle artificial intelligence AI with human support helps autonomous vehicles make decisions in driving situations. Nissan calls this an esential step to developing driverless cars. (Dreamstime)

George Mentz By Monday, 06 February 2023 12:49 PM EST Current | Bio | Archive

In the last few weeks, I have been reading more and more news related to AI Technology. This flood of information on artificial intelligence innovation has forced many of us to think a few “chess moves” ahead with regard to the issues of: jobs, careers, news, media, research, technology, AI, education, decision making, and general content production. We are now forced to explore the issues of who will be doing the acting, anchoring, and teaching in Hollywood, New York and universities.

We are getting to the point where various industry sectors and employment sectors may be forced to realign. Futurist gurus such as Paul Zane Pilzer and Peter Diamandis have spoken on the dramatic shifts in technology and innovation and cost effectiveness in their books. Pilzer and Diamandis were two of the first to write futuristic books about adapting and using new technologies to create new business, find substitutes, and help more people. Going forward, teachers, writers, media and even news anchors may be forced to find new skills and jobs.

Here are 10 areas of realignment which may be changing quickly due to AI Artificial Intelligence.

1. News writers may find themselves obsolete if they cannot provide informative articles with something new, insightful, contrasting, or have the ability to synthesize complex information. This is because AI can data-mine and produce a respectable article that can be syndicated from a primary source of information. The AI produced article can be written or spoken in various languages to the end user.

2. On-the-ground or amateur reporting may become more essential for the rapid paced news cycles. People with cell phones may do a better job at capturing the events in real time than the old media operations. Fast adapting and agile news services such as Newsmax could become the go-to news providers on cable and streaming media if fresh news can be harvested and syndicated quickly. Companies such as Newsmax or Rumble (Stock Symbol RUM) are growing rapidly because they are not banning opinion or free speech while accumulating content. [i]

3. Even news anchors may be replaced with a virtual figure such as a “Max Headroom” type figure that provides headlines from AI or from an news source. [ii]

4. Large numbers of teachers at major universities may not be needed if there is a production set with a film crew providing the college course flawlessly like a movie that can be streamed. Students in 3-10 years may find themselves on a beach in the Philippines pulling up their flawless lectures on a pad or phone with wireless pods. Almost any location is possible as there will be a continued expansion of wireless internet available in remote places around the world due to satellite technology.

5. Priests and pastors may be replaced with super AI based sermons and services that are flawless and contain guaranteed “home run” inspirational messages.

6. Vintage news outlets with large audiences from New York or London may become obsolete due to the ability of new media to utilize social medial, email systems and phone apps for global marketing. Recently, some relatively unknown alternative news sites have gone from zero to billions of views in just 3 years with little or no staff. [iii]

7. For decades, you could not reach or influence people without the use of radio, newspapers, press, or TV. Now, the average techie in India or Nigeria is capable of using social media, email, and cell phone numbers to contact millions of people “per day” with opportunities for cost effective alternative products and services.

8. As for movies, actors, TV, and documentaries, these shows still need to be written, directed, while the animation and sound producers may end up being the most highly sought after professionals. Not only that, virtual actors can do leading roles, and there may be some actors who are long passed away who may come back to win another Academy Award as a virtual celebrity. Even Val Kilmer’s voice has been recreated by AI in movies such as Maverick. [iv] Elvis may make a new movie again !

9. As for lawyers and judges, I suppose you could have virtual justice, but justice is only as good as the inputs and data in the system. I am fairly certain that many folks would prefer a jury comprised of random people familiar with society than a bunch of people or computers who do not understand crime, self defense, and the realities of life.

10. In the financial world, AI is already being programmed to act based on trading data and other data mining techniques to manage some of the biggest hedge funds in the world as per my analysis in 2020. [v]

As for creativity, Artificial Intelligence or AI can easily produce content that is a mixed bag of words and ideas related to the question which could be considered computer generated research; however, much of the content needs to be proofed by licensed professional or a SME Subject Matter Expert. In theory, directors of shows, movies or journalists may be required to have more credentials such as a business or financial related degree going forward as typical writers using AI will continue to make common mistakes or even costly mistakes. [vi]

In contrast, society may end up requiring super-syndicated experts of content for newspapers and source materials where these gurus could potentially be called “Super Donors”of source information beyond what the AP [vii] and UPI ever hoped for. We are at an inflection point with media and news because many of the political and business writers today seem to be regurgitating common sources without much original thought or content.

As an lawyer educator and professor, I have taught and designed over 300 legal and business courses in my career. I have routinely lectured to my students over the last 20 years to cultivate careers that can’t be outsourced too easily. Whether we like it or not, the electrician, contractor, surgeon, and the plumber and locally licensed professionals will most likely be in high demand forever. In summation, our children and new people coming into the workforce may have 10 careers during the 21 st Century, but hopefully, new types of AI related or supported careers will evolve for the common benefit of society.
Commissioner George Mentz JD MBA CILS CWM® is an international lawyer, speaker, educator, tax-economist, and CEO of the GAFM Global Academy of Finance & Management ®. The GAFM is a ESQ accredited graduate body that trains and certifies professionals in 150+ nations under CHEA ACBSP and ISO 21001 standards. Mentz is also an award winning author and graduate law professor of wealth management for a top U.S. law school.

[i] newsmax.com Traffic Analytics & Market Share | Similarweb

[ii] Max Headroom - Wikipedia

[iii] citizenfreepress.com Traffic Analytics & Market Share | Similarweb

[iv] Val Kilmer’s Top Gun: Maverick dialog was all AI since he can no longer speak (yahoo.com)

[v] Wall Street and the Trading Machines | Newsmax.com

[vi] Is Using AI For Academic Writing Cheating? - Jumpstart Magazine

[vii] The Associated Press - Video, photo, text, audio, data news agency (ap.org)

© 2024 Newsmax Finance. All rights reserved.

In the last few weeks, I have been reading more and more news related to AI Technology. This flood of information on artificial intelligence innovation has forced many of us to think a few "chess moves" ahead with regard to the issues of: jobs, careers, news and more.
artificial intelligence, news, education, religion, criminal justice, entertainment, investing
Monday, 06 February 2023 12:49 PM
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