Artificial intelligence has brought astounding advances in recent years. Systems can now translate languages, drive cars, detect cancer, and generate art. It can offer us convenience, efficiency, accuracy, and innovation. These breakthroughs offer the promise of liberating humanity from repetitive mental drudgery so we can focus on more creative pursuits
Imagine a world where resources are efficiently allocated, growth is optimized, and development is tailored to the specific needs of each region. This isn't just a utopian dream; it's the potential that economics holds, especially in the context of administrative planning for developing economies.
Generative Artificial Intelligence (Generative AI) is an innovative field that combines machine learning and creativity. Unlike traditional AI, which focuses on classification and prediction, generative AI aims to create new content autonomously. It's like having an AI artist, writer, composer, or programmer at your fingertips.
Many experts in the economy believe that by the beginning of the next decade, the shift to AI could become a leading driver of global prosperity. The prospective gains to the world economy derive from rapid advances in AI - currently being distended by generative AI, or AI that can create new content,
Looking back at the end of 2022 (November) when the bomb called ChatGPT was dropped by OpenAI, with hindsight, the reverberation wave from that impact has overcome all frictional resistances with no sign of slowing down. Acceleration seems to be the reading from everyone's speedometer. 2023 has undoubtedly been the year of generative AI.