People are arguing over whether artificial intelligence (AI) and robotics will eliminate human employment. People seem to have an all-or-nothing belief that either the use of technology in the workplace will destroy human employment and purpose or it won’t affect it at all. The replacement of human jobs with robotics and AI is known as “technological unemployment.”
Although robotics can turn materials into economic goods in a fraction of the time it would take a human, in some cases using minimal human energy, some claim that AI and robotics will actually bring about increasing human employment. According to a 2020 Forbes projection, AI and robotics will be a strong creator of jobs and work for people across the globe in the near future. However, also in 2020,

In our technocratic age, it is easy to dismiss the latest technological developments as an avenue toward freedom, but some of them still bode well for markets.

Original Article: "Artificial Intelligence Can Serve Entrepreneurs and Markets"
This Audio Mises Wire is generously sponsored by Christopher Condon. 

[embedded content]

Tags: Featured,newsletter

Marketplace competition is reaching a new high with the era of artificial intelligence—deep machine learning capabilities offered to the entrepreneur as specialized services. AI tools as services spanning the marketplace are popping up at a rate that is seemingly increasing firms’ productivity and competitiveness.
However, what implications do offering AI and deep learning as a service have for market operations, buyers, and sellers? When AI services and custom stacks of them become widely used tools in the marketplace, will the entrepreneur’s competitive advantage be access to AI as a service for everything? What is AI as a service (AIaaS) for everything?
Just imagine systems such as AIaaS, DevOps shortening the development cycle, and ChatGPT creating content in

While artificial intelligence has its merits, it still cannot perform the job of the Misesian entrepreneur. That is a good thing.

Original Article: "Will AI Learn to Become a Better Entrepreneur than You?"
This Audio Mises Wire is generously sponsored by Christopher Condon. 

[embedded content]

Tags: Featured,newsletter

Contemporary businesses use artificial intelligence (AI) tools to assist with operations and compete in the marketplace. AI enables firms and entrepreneurs to make data-driven decisions and to quicken the data-gathering process. When creating strategy, buying, selling, and increasing marketplace discovery, firms need to ask: What is better, artificial or human intelligence?
A recent article from the Harvard Business Review, “Can AI Help You Sell?,” stated, “Better algorithms lead to better service and greater success.” The attributes of the successful entrepreneur, such as calculated risk taking, dealing with uncertainty, keen sense for market signals, and adjusting to marketplace changes might be a thing of the past. Can AI take the place of the human

In a January 2020 Forbes Magazine article titled “Why Doing Good Is Good For Business” clearly left out critical information: who is the good or bad entrepreneur? According to the author, good entrepreneurs are doing good if their primary objective is not to make a profit. And bad entrepreneurs are doing bad if their primary objective is to make a profit.
Basically, the author suggested that, to be good, a business should not pursue profit and, along with it, customer satisfaction. Ignoring the profit motive is deemed more important than the entrepreneurial reward of profit that comes from providing a service or product to customers who demand value. The bad entrepreneur is only concerned with making money, surviving in the market, and serving consumers. The bad