Economic Futurology

Extract

[...] Likewise, the US continues to buy loyalty through the Bretton woods institutions in service and humanitarian efforts. AI economist machines are predicted to replace human economists in the near future. These machines can be unsupervised and reinforced with learning algorithms that have the capacity to brute force infinite sets of variables and relations that will change and revolutionize economics. The fundamental issue that will be unavoidable but of major concern is the AI bias in economic policymaking, which could only be reduced but not entirely eliminated (Rodrick, 2014). [...]

[...] (2014). The past, present, and future of economic growth. Challenge, 5-39. Mokyr, J., Vickers, C., & Ziebarth, N. L. (2015). The history of technological anxiety and the future of economic growth: Is this time different?. Journal of economic perspectives, 31-50. [...]

[...] So much change is taking place, and at a fast pace. Everyday new developments and changes in how economics is undertaken is taking place. In all these changes and emerging trends, sometimes the future can look bleak with regard to world stability, security and relationships. Despite a few concerns over the motives of some economic trajectories, many of these developments are set to make lives better and improve human standards of living. Our economic futures are look scary and bright all at the same time. References Rodrik, D. [...]

[...] Exchange of information will be more streamlined to become real time in ways that people will no longer have the need to move from country to country as necessary. The global effects of the Covid 19 pandemic caused economies to transform and find ways of conducting business and communication without having physical places to meet. While the life changing pandemic is over, the changes it brought have remained and been embraced as the new normal, where it's becoming possible to work and or study remotely and still produce the same level of output as before. [...]

[...] This paper analyzes economic futurology is aspects such as technology, trade, relations, currencies and stability. Changes in the face and value of money has been taking place for centuries, from the barter trade era, to the gold standard up to the paper and coin currencies as we know them today. The changing faces are still taking place, and it's predicted that digital and other forms of money will take over in future, even as controversies over unregulated currencies like crypto, world coin and bitcoin (Mokyr, Vickers & Ziebarth, 2015) Major world economies from the BRICs nations (Brazil, Russia, China, India and South Africa) have been contemplating the creation of a new trade currency that will make it possible for them to slowly do away with the over reliance of the US dollar as the major global base currency of trade and exchange. [...]