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The Evolutionary Perspective
Daily Archives: February 19, 2017
An Emerging-Market Evolution – Seeking Alpha
Posted: February 19, 2017 at 11:20 am
The way investors think about emerging markets has been evolving-along with the markets themselves. One thing we at Templeton Emerging Markets Group emphasize is that one can't consider emerging markets as one asset class; the opportunities are very differentiated between regions, countries and markets, with different fundamentals shaping them. Here, I've invited Stephen Dover, managing director and chief investment officer of Templeton Emerging Markets Group and Franklin Local Asset Management, to share his view of how emerging markets have changed over time, how he thinks investors should think about them, and where he sees potential opportunities ahead.
By Stephen H. Dover, CFA, Managing Director
I think emerging markets are appropriately named-they are indeed emerging and have changed over time. With these changes, I believe the way people both think about and invest in the asset class also should evolve.
One example of the evolution we have seen is in regard to market capitalization (market cap). In 1988, when the MSCI Emerging Markets Index was first launched, just two of the 10 countries in the index-Malaysia and Brazil-represented more than half of the index's market cap.1 At that time, the entire market cap of the index was about $35 billion (all values in USD unless otherwise noted), representing less than 1% of the world's equity-market capitalization.2
If we fast-forward to 2016, there were 23 countries in the index, and the market cap had grown to $4 trillion, representing about 10% of world market capitalization.3 The mix of countries in the index has also evolved over time. In terms of country weights, today, India represents 8% of the MSCI Emerging Markets Index and China-which wasn't represented at all in 1998-is nearly 27% of the index today. Meanwhile, Brazil's representation is much less today, at only 8%.4
What constitutes an emerging market has also changed significantly over time, but the waters in emerging markets have not always been very clear.
South Korea has been the subject of some debate in this regard. MSCI includes South Korea in the emerging-markets category, while another index provider, the FTSE Russell, considers it a developed market. This issue is quite important, as which countries are in which category and at what percentage in the indexes help determine how many investors position their portfolios. We have seen countries shift in and out of emerging-market status over time. For example, in 2013, MSCI reclassified Greece from developed to emerging-market status, and in 2016, MSCI announced Pakistan will be reclassified this year as an emerging market from frontier status.5
It really boils down to how one defines "emerging market," and there is some disagreement about exactly what the criteria should be. MSCI and FTSE have their own criteria for inclusion in a particular index, including explicit requirements for market size and liquidity, a country's openness to foreign ownership, foreign exchange and other aspects.
If you were to follow the World Bank's standards as to which countries are classified as "high-income" to determine developed-market status, you'd wind up with a very different set of constituents than the index providers-for example, Qatar's per-capita income ranks above that of Australia, Denmark and the United States.6
That said, we at Templeton Emerging Markets Group are active managers and not confined to a particular benchmark classification or index weighting when we make our investment decisions. We employ a bottom-up approach and focus on the fundamentals we see in individual companies. We may even invest in a company that is located in a country considered to be developed-if the bulk of its profits come from emerging markets.
Emerging Markets-Taking a Bigger Piece of the World's Pie
While emerging markets currently represent at least 10% of the world's stock-market capitalization (based on MSCI indexes), in our various discussions with investors, we have found most have a smaller percentage of their portfolios invested in emerging markets. And worth noting, the 10% figure represents the traditional MSCI indexes-other measures of emerging-market capitalization show emerging markets more broadly represent an even higher percentage.
We also have found that even though the world has become much more globalized, many investors still exhibit a "home-country bias," investing solely within their own borders even if markets elsewhere look more promising. We see room for growth in the emerging-markets realm-and a great potential opportunity for diversification that many investors aren't even considering. We also see many potential opportunities within frontier-market countries, many of which aren't even included in global indexes. These markets represent a smaller subset of emerging markets that are even less developed, and include most countries on the African continent.
Looking at other measures, we can see just how important emerging markets are to the global economy. Today, emerging markets represent nearly 50% of the world's gross domestic product (GDP) measured in nominal terms (nearly 60% when using purchasing-power parity) and account for nearly 80% of global GDP growth.7
Changing Economies
Emerging markets have also undergone structural changes. Over the past three decades, emerging markets largely achieved their phenomenal growth through exports-and many people have associated these markets with commodities. While many emerging-market countries still rely on exports, these economies are radically changing. As recently as 2008, commodities and materials stocks constituted 50% of the components of the MSCI Emerging Markets Index. Today, that category represents about 15% of the stocks in the index. To us, what's really exciting about this shift is that it opens up many more investment opportunities that are focused on consumption and services.
Many investors may not realize that some very sophisticated information technology companies are based in emerging markets. In 2008, information technology (IT) companies represented about 7% of the MSCI Emerging Markets Index, and today, the sector represents 24% of the index-in fact, the top four constituents by weight are IT companies. Consumer/consumption-oriented stocks represented 7% of the index in 2008; today their weighting is 17%. So it is really not accurate to say emerging markets are pure commodity plays anymore, even though many people still consider them to be driven by the whims of commodity prices.
The weakness we have seen in many emerging-market currencies is something we think also strengthens our investment case. The U.S. dollar is at a 15-year high and some predict it could strengthen even more as the Federal Reserve is expected to continue to raise interest rates as inflation picks up. In our view, emerging-market currencies have been quite weak-in some cases, unjustifiably so. We see this as supportive. Mexico, Argentina, Colombia, Indonesia and Malaysia are all examples of countries with currencies trading at what could be considered distressed levels-priced as if those economies are in great crisis. The fundamentals tell a different story. We believe the fundamentals in these countries look much better than their currency prices are reflecting.
Additionally, we believe inflation appears poised to drop in many emerging-market countries, including Brazil, Russia, Colombia and Nigeria, and this allows their central banks to pursue more accommodative monetary policy, which could stimulate local equity markets.
More Reasons Why We're Optimistic
Despite some uncertainties, we see opportunity in emerging markets in 2017 and are optimistic many investors will see value in making greater allocations to them. GDP growth is expected to outpace that of developed markets, with the International Monetary Fund projecting growth of 4.5% in emerging and developing economies versus 1.9% in developed markets this year.8 We see evidence that earnings growth in emerging markets could likely be higher than in developed markets, too. Emerging markets have been lagging in regard to earnings growth, but 2016 marked the first time in more than five years they outperformed developed markets. We think there's still quite a bit of room for emerging markets to further catch-up.
And finally, the United States is near full employment and President Donald Trump's administration has proposed some policies that appear stimulative for economic growth, including potential tax cuts and fiscal spending. History has shown us that in general, a strong U.S. economy is positive for emerging markets. Even if we do see some reduction in trade on a marginal level, we think an expansion in the global economy is likely to help emerging markets. And, as noted, emerging markets that are more domestically driven should be more insulated against global shocks in other markets.
Emerging markets are in fact, emerging, and we see many opportunities ahead in 2017.
If you'd like to hear more of the misconceptions about emerging markets, and opportunities our team sees, I encourage you to check out our team's new emerging-markets podcast.
CFA and Chartered Financial Analyst are trademarks owned by CFA Institute.
Stephen Dover's and Mark Mobius's comments, opinions and analyses are for informational purposes only and should not be considered individual investment advice or recommendations to invest in any security or to adopt any investment strategy. Because market and economic conditions are subject to rapid change, comments, opinions and analyses are rendered as of the date of the posting and may change without notice. The material is not intended as a complete analysis of every material fact regarding any country, region, market, industry, investment or strategy.
Important Legal Information
All investments involve risks, including the possible loss of principal. Investments in foreign securities involve special risks including currency fluctuations, economic instability and political developments. Investments in emerging markets, of which frontier markets are a subset, involve heightened risks related to the same factors, in addition to those associated with these markets' smaller size, lesser liquidity and lack of established legal, political, business and social frameworks to support securities markets. Because these frameworks are typically even less developed in frontier markets, as well as various factors including the increased potential for extreme price volatility, illiquidity, trade barriers and exchange controls, the risks associated with emerging markets are magnified in frontier markets. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions.
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VEX Robotics winners gear up for world championship in Kentucky – – WSYR
Posted: at 11:19 am
SYRACUSE (WSYR-TV) - Students from across New York State visited Onondaga Community College on Saturday for the final leg of the VEX robotics competition.
66 teams competed at the state championship, the most ever in the event's four year history.
The program helps teach kids about engineering, teamwork and problem solving.
This year they had to navigate giant jacks and cubes over a three foot high fence, scoring points for each one they conquered.
"The kids like to work with the robots and like to have that hands-on experience where they can build something that they created or concepted and turned it into an actual robot out here that's competing," said Bryan English.
Tournament champions come from Baldwinsville, Sandy Creek and Oswego.
They are headed to the world championships in Kentucky in April.
Winners include:
Excellence Award (VRC/VEXU)
5221D Corcoran SCSD
Tournament Champions (VRC/VEXU)
9282A Freezing Code Robotics Club
34000Z Sandy Creek Central School
7323A Baldwinsville CSD
Design Award (VRC/VEXU)
174A Liverpool High School
Tournament Finalists (VRC/VEXU)
4305A Granville Jr//Sr High School
8828B Blue Streak Robotics INC
8876E Queensbury UFSD
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VEX Robotics winners gear up for world championship in Kentucky - - WSYR
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Robotics competition reveals hours of hard work by students | WBMA – Alabama’s News Leader
Posted: at 11:19 am
JEFFERSON COUNTY, Ala.
Students from across the state battling for robotic supremacy.
The premise is that students take classroom skills then apply those same skills in a practical manner.
Two engineering students from Oak Mountain High School, and their mentor, tell ABC 33/40 the students design the robots all by themselves.
400 students represented 40 schools. Oak Mountain High School Student Ryan Cruce said the goal of the robotics competition was simple. Cruce told ABC 33/40, "Score as many points as possible. Out score the other team." This year's theme is stars and cubes. For every match, two alliances face-off. Each alliance can score points by throwing or pushing the objects under the fence onto their opponents side of the square. Cruce explained the design of his robot is based on real-word equipment like a bulldozer. "I just thought of it," said Cruce. "I just of something that would be able to score game objects without having to throw stuff over."
Classmate Omar Zuaiter said what happens at the robotics competition comes from hours of work in the classroom. Zuaiter said, "The classroom we design and we use the engineering design process, so that we can come up with the best robots possible for the competition."
Paula Hughes is the engineering teacher for the OMHS robotics team. Hughes said the students are easily engrossed by the design process. Hughes said, "I think they just enjoy designing something that they can see actually work." Hughes said her students, often design the robots, without much of her help. "I try to guide them and answer any questions that they may have," Hughes said. "But they come up with bot design, do all of the programming, all of that on their own."
This saturday's competition was a qualifier for the larger state meet. The state championship will be March 4th at Jacksonville State University.
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Letter: More resources needed for robotics in Carroll – Carroll County Times
Posted: at 11:19 am
The front page of the Times on Monday, Feb. 13, struck me for a number of reasons. My attention was first caught by the terrific story featuring the accomplishments of the RoboCavs robotics team from South Carroll High School. I was at the event that day, and have been following and supporting them for years. I was also pleased with the front-page coverage of the FIRST LEGO League competition in January at St. John's Catholic School, an event I have run for the past seven years in various locations. I am pleased to see such positive coverage of a program that challenges students of all ages to solve problems, apply lessons from their classes, and work together as a team. Indeed, after such great publicity, I expect to get more queries from parents soon.
One need look no further than the other front-page story on Feb 13, "Boys and Girls Club gets $15,000" to understand why participation in robotics is limited. We all rely on donations from corporations and volunteers. Boys and Girls Clubs and robotics teams are examples of community organizations filling the need for opportunities to learn outside of school. We hear debate about the cost of new buildings to house career and technology programs, but lose sight of the fact that it is what goes into those buildings that matters. We have physical structures and seats in classrooms, but students look outside schools to learn critical skills and to apply math and science, to innovations and think critically.
Every week, I hear from a parent who wants to find a robotics team, or a course in programming or electronics for their child. Many expect to find these opportunities at schools. Outside of a small handful, including South Carroll, they find none. After-school robotics programs are not, and have never been, directly supported by CCPS. A staff member must volunteer and the students must raise the funds for materials, registration fees, etc. There are more than a dozen teams meeting at homes around the county because parents volunteer their own time; few in schools. To change this, more adults can 1) volunteer, 2) lobby the State of Maryland to provide the funds identified last year to support after-school robotics programs and 3) remind our local representatives that what happens inside school buildings is just as important as how many students are in seats.
Rose Young
Woodbine
The writer is the director of PIE3; lead mentor of the FIRST Robotics Team 2199, the Robo-Lions; and a science and PLTW teacher and FTC mentor at Glenelg County School.
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Kid power fuels a robotic road to the future – WOWT.com – WOWT
Posted: at 11:19 am
ASHLAND, Neb. (WOWT) -- Hundreds of kids teamed up with robots, rockets and jets Saturday for the Eighth Annual Nebraska Robotics Expo at the Strategic Air Command and Aerospace Museum.
More than 800 K-12 students, team leaders and math and science teachers were expected for the event that melds a pair of robotic competitions, the CEENBoT Robotics Showcase and FIRST LEGO League (FLL), and the Creative Visual Arts Expo for a day of robotics inspiration.
Museum Marketing Director Deb Hermann said, This is a celebration of in-school and after-school student work with robotics. The Nebraska Robotics Expo encourages student involvement with science, technology, engineering and math (STEM) as well as educates and engages our next generation of innovators, their families and the general public about STEM opportunities in Nebraska.
Hermann said its a big day for the museum as well. They anticipate more than 2,000 visitors for the event.
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Robots upstaged the humans at MassRobotics’ workspace opening – Boston Business Journal
Posted: at 11:19 am
iTech Post | Robots upstaged the humans at MassRobotics' workspace opening Boston Business Journal MassRobotics, a nonprofit dedicated to fostering young robotics companies in Massachusetts, on Friday showed off what makes its new facility unique: when it came time to cut the ribbon, Boston's mayor got some robotic help from Baxter, a robot ... MassRobotics Opens R&D Space In Seaport To Support Industry Startups |
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Robots upstaged the humans at MassRobotics' workspace opening - Boston Business Journal
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VR Sales Numbers Are Wet Blanket on Adoption Hopes – Fortune
Posted: at 11:18 am
This time its different, right? Unlike the virtual-reality fad that fizzled 15 years ago, boosters say todays version of VR techbacked by the likes of Facebook ( fb ) , Google ( googl ) , and Samsungis going to be big.
Well, maybe not. Sales figures for 2016 are in, and theyre not exciting: The VR industry shipped 6.3 million devices and pulled in $1.8 billion in revenue, according to research firm Super Data. Thats below expectations, though analysts say it isnt terrible for an emerging technology.
Whats more telling is whos buying. Though VR has promise for business, most customers now are gamers. They love itVR game users reportedly engage in 40 sessions a month on average. But such hard-core fans aside, most people lack a compelling reason to shell out for the gear. Research firm Magid says that while interest in music and virtual travel is growing, theres a lack of clear value proposition besides early adopter enthusiasm.
One field that could drive sales? Porn, which has been a catalyst for other early Internet technologies. But VR may be out of luck there too. Early users have found the depiction of virtual partners strange and almost grotesque, says Super Datas Stephanie Llamas. And the content is still limited.
A version of this article appears in the March 1, 2017 issue of Fortune with the headline "Time for a (Virtual) Reality Check."
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VR Sales Numbers Are Wet Blanket on Adoption Hopes - Fortune
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NBA launches virtual reality app with Google Daydream – USA Today – USA TODAY
Posted: at 11:18 am
This year's All-Star dunk contest, skills challenge and three-point contest feature some big-time names. USA TODAY Sports
The NBA launched the league's first official virtual reality app.(Photo: NBA)
Four months ago, the NBA became the first professional sports league to offer regularly scheduled virtual reality broadcasts, ushering in a new era of basketball entertainment.
On Friday, the NBA, along with Daydream by Google, launcheditsfirst official virtual reality app yet another example of the league's ability to stay ahead of the technological curve.
The app's first episodic VR series, "House of Legends," brings fans to a virtual sports lounge with former NBA players such as James Worthy, Chauncey Billups, Robert Horry, Baron Davis and Bruce Bowen, who discuss everything from pop culture to their greatest career moments.
Over the past few seasons, the NBA has explored a variety of virtual reality offerings that have the potential to bring fans closer to their favorite teams and players, said Jeff Marsilio, NBA vicepresident of global media distribution. House of Legends is the latest step in that journey and we are eager to see the response.
The app will also include on-demand video, NBA highlights and features, and player and team statistics.
We're proud that Daydream gives sports fans new, immersive ways to connect to the leagues, teams and players they care about most," said Aaron Luber, head of entertainment partnerships at Google VR/AR. "Launching the NBA VR app is another step toward bringing the best in sports VR experiences across the biggest leagues and events to our platform.
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If I Only Had a Brain: How AI ‘Thinks’ – Daily Beast
Posted: at 11:15 am
AI can beat humans in chess, Go, poker and Jeopardy. But what about emotional intelligence or street smarts?
Artificial intelligence has gotten pretty darn smartat least, at certain tasks. AI has defeated world champions in chess, Go, and now poker. But can artificial intelligence actually think?
The answer is complicated, largely because intelligence is complicated. One can be book-smart, street-smart, emotionally gifted, wise, rational, or experienced; its rare and difficult to be intelligent in all of these ways. Intelligence has many sources and our brains dont respond to them all the same way. Thus, the quest to develop artificial intelligence begets numerous challenges, not the least of which is what we dont understand about human intelligence.
Still, the human brain is our best lead when it comes to creating AI. Human brains consist of billions of connected neurons that transmit information to one another and areas designated to functions such as memory, language, and thought. The human brain is dynamic, and just as we build muscle, we can enhance our cognitive abilitieswe can learn. So can AI, thanks to the development of artificial neural networks (ANN), a type of machine learning algorithm in which nodes simulate neurons that compute and distribute information. AI such as AlphaGo, the program that beat the world champion at Go last year, uses ANNs not only to compute statistical probabilities and outcomes of various moves, but to adjust strategy based on what the other player does.
Facebook, Amazon, Netflix, Microsoft, and Google all employ deep learning, which expands on traditional ANNs by adding layers to the information input/output. More layers allow for more representations of and links between data. This resembles human thinkingwhen we process input, we do so in something akin to layers. For example, when we watch a football game on television, we take in the basic information about whats happening in a given moment, but we also take in a lot more: whos on the field (and whos not), what plays are being run and why, individual match-ups, how the game fits into existing data or history (does one team frequently beat the other? Is the quarterback passing for as many yards as usual?), how the refs are calling the game, and other details. In processing this information we employ memory, pattern recognition, statistical and strategic analysis, comparison, prediction, and other cognitive capabilities. Deep learning attempts to capture those layers.
Youre probably already familiar with deep learning algorithms. Have you ever wondered how Facebook knows to place on your page an ad for rain boots after you got caught in a downpour? Or how it manages to recommend a page immediately after youve liked a related page? Facebooks DeepText algorithm can process thousands of posts, in dozens of different languages, each second. It can also distinguish between Purple Rain and the reason you need galoshes.
Deep learning can be used with faces, identifying family members who attended an anniversary or employees who thought they attended that rave on the down-low. These algorithms can also recognize objects in contextsuch a program that could identify the alphabet blocks on the living room floor, as well as the pile of kids books and the bouncy seat. Think about the conclusions that could be drawn from that snapshot, and then used for targeted advertising, among other things.
Google uses Recurrent Neural Networks (RNNs) to facilitate image recognition and language translation. This enables Google Translate to go beyond a typical one-to-one conversion by allowing the program to make connections between languages it wasnt specifically programmed to understand. Even if Google Translate isnt specifically coded for translating Icelandic into Vietnamese, it can do so by finding commonalities in the two tongues and then developing its own language which functions as an interlingua, enabling the translation.
Machine thinking has been tied to language ever since Alan Turings seminal 1950 publication Computing Machinery and Intelligence. This paper described the Turing Testa measure of whether a machine can think. In the Turing Test, a human engages in a text-based chat with an entity it cant see. If that entity is a computer program and it can make the human believe hes talking to another human, it has passed the test. Iterations of the Turing Test, such as the Loebner Prize, still exist, though its become clear that just because a program can communicate like a human (complete with typos, an abundance of exclamation points, swear words, and slang) doesnt mean its actually thinking. A 1960s Rogerian computer therapist program called ELIZA duped participants into believing they were chatting with an actual therapist, perhaps because it asked questions and unlike some human conversation partners, appeared as though its listening. ELIZA harvests key words from a users response and turns them into question, or simply says, tell me more. While some argue that ELIZA passed the Turing Test, its evident from talking with ELIZA (you can try it yourself here) and similar chatbots that language processing and thinking are two entirely different abilities.
But what about IBMs Watson, which thrashed the top two human contestants in Jeopardy? Watsons dominance relies on access to massive and instantly accessible amounts of information, as well as its computation of answers probable correctness. In the game, Watson received this clue: Maurice LaMarche found his inner Orson Welles to voice this rodent whose simple goal was to take over the world. Watsons possible answers and probabilities were as follows:
Pinky and the Brain: 63 percent
Googling Maurice LaMarche quickly confirms that he voiced Pinky. But the clue is tricky because it contains a number of key terms: LaMarche, voiceover, rodent, and world domination. Orson Welles functions as a red herringyes, LaMarche supplied his trademark Orson Welles voice for Vincent DOnofrios character in Ed Wood, but that line of thought has nothing to do with a rodent. Similarly, a capybara is a South American rodent (the largest in the world, which perhaps Watson connected with the take over the world part of the clue), but the animal has no connection to LaMarche or to voiceovers unless LaMarche does a mean capybara impression. A human brain probably wouldnt conflate concepts as Watson does here; indeed, Ken Jennings buzzed in with the right answer.
Still, Watsons capabilities and applications continue to growits now working on cancer. By uploading case histories, diagnostic information, treatment protocols, and other data, Watson can work alongside human doctors to help identify cancer and determine personalized treatment plans. Project Lucy focuses Watsons supercomputing powers on helping Africa meet farming, economic, and social challenges. Watson can prove itself intelligent in discrete realms of knowledge, but not across the board.
Perhaps the major limitation of AI can be captured by a single letter: G. While we have AI, we dont have AGIartificial general intelligence (sometimes referred to as strong or full AI). The difference is that AI can excel at a single task or game, but it cant extrapolate strategies or techniques and apply them to other scenarios or domainsyou could probably beat AlphaGo at Tic Tac Toe. This limitation parallels human skills of critical thinking or synthesiswe can apply knowledge about a specific historical movement to a new fashion trend or use effective marketing techniques in a conversation with a boss about a raise because we can see the overlaps. AI cant, for now.
Some believe well never truly have AGI; others believe its simply a matter of time (and money). Last year, Kimera unveiled Nigel, a program it bills as the first AGI. Since the beta hasnt been released to the public, its impossible to assess those claims, but well be watching closely. In the meantime, AI will keep learning just as we do: by watching YouTube videos and by reading books. Whether thats comforting or frightening is another question.
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Artificial Intelligence & Bias – Huffington Post
Posted: at 11:15 am
By Jackson Grigsby, Harvard Class of 2020
On Thursday, February 16th, the JFK Jr. Forum at the Harvard Institute of Politics hosted a conversation on the past, present, and future of Artificial Intelligence with Harvard Kennedy School Professor of Public Policy Iris Bohnet, Harvard College Gordon McKay Professor of Computer Science Cynthia Dwork, and Massachusetts Institute of Technology Professor Alex Sandy Pentland.
Moderated by Sheila Jasanoff, Kennedy School Pforzheimer Professor of Science and Technology Studies, the conversation focused on the potential benefits of Artificial Intelligence as well as some of the major ethical dilemmas that these experts predicted. While Artificial Intelligence (AI) has the potential to eliminate inherent human bias in decision-making, the panel agreed that in the near future, there are ethical boundaries that society and governments must explore as Artificial Intelligence expands into the realms of medicine, governance, and even self-driving cars.
Some major takeaways from the event were:
1. Artificial Intelligence offers an incredible opportunity to eliminate human biases in decision-making
In the future, Artificial Intelligence can be utilized to eliminate inherent human biases that often influence important decisions surrounding employment, government policy, and even policing. At the event, Professor Iris Bohnet stated that every person has biases that inform their decisions. These biases can affect whether a candidate for a job is chosen or not. As a result, Bohnet suggested that by using algorithms, employers could choose the best candidates by using AI to focus on the candidates qualifications rather than by basing decisions on gender, race, age or other variables. However, the panel also discussed the fact that even algorithms can have bias. For example, the algorithm that is used to match medical students with residency hospitals can either be biased in favor of the hospitals preferences or the students. It is up to humans to control bias in the algorithms that they use.
2. Society must begin having conversations surrounding the ethics of Artificial Intelligence
Due to the fact that Artificial Intelligence is becoming more popularly utilized, society and governments must continue to have conversations addressing ethics and Artificial Intelligence. Professors Alex Pentland and Cynthia Dwork stated that as Artificial Intelligence proliferates, moral conflicts can surface. Pentland emphasized that citizens must ask themselves is this something that is performing in a way that we as a society want? Pentland noted that our society must continue a dialogue around ethics and determine what is right.
3. Although Artificial Intelligence is growing, there are still tasks that only humans should do
In the end, the experts agreed, there are tasks and decisions that only humans can make. At the same time, there are some tasks and decisions that could be executed by machines, but ultimately should be done by humans. Professor Bohnet emphasized this point by reaffirming humanitys position, concluding, There are jobs that cannot be done by machines.
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