Sehr geehrte Damen und Herren,
wir laden Sie herzlich zum VOSTA Freitagsseminar mit Herrn John Chamberlin,
Observatory Group, mit dem Titel "Artificial Intelligence, Financial Markets and the Economic Singularity" ein.
Termin:
Freitag, 06. September 2019 um 11.00 Uhr
Ort:
Oesterreichische Nationalbank
Veranstaltungssaal, Erdgeschoss
Otto-Wagner-Platz 3
1090 Wien
Abstract:
Quantitative and passive investment strategies have steadily displaced discretionary (i.e., human) strategies over the past few decades, with no end in sight for this trend. Artificial intelligence is starting to be used in investing. This trend is not limited
to the financial sector, but is rather a reflection of what’s happening in all sectors of economic activity. My contention is that as the economy consumes exponentially more computation, and the price of computational power deflates exponentially, that there
is an underlying deflationary pulse across the global economy that is holding inflation and interest rates down. All the major central banks are struggling to understand this phenomenon and to hit their inflation targets, which is giving rise to new economic
theories and a rejection of ones that have been assumed to be axiomatic. I discuss some of these new theories and some that are being discarded, and what this will mean for future macro-economic policy making.
Finally, I argue that the impact of automation and AI, and the subsequent low inflation low interest rates environment, is already having
vast macro-economic and societal consequences, as labor markets and traditional businesses struggle to adapt to rapid automation. I use specific examples of how this phenomenon is playing out in the US, how it was partially responsible for the elections results
of 2016, and how it’s shaping the 2020 election platforms.
Um Ihre verlässliche
An- bzw. Abmeldung ersuchen wir bis
Dienstag, 03. September 2019, unter event-management@oenb.at.
Mit freundlichen Grüßen
Event-Management
