The Economy of Algorithms

An insider's guide to the invisible new economy that is reshaping our lives Welcome to the economy of algorithms. It's here and it's growing. In the past few years, we have been flooded with examples of impressive technology. Algorithms have been around for hundreds of years, but they have only recently begun to 'escape' our understanding. We are so impressed by what they can do that we give them a lot of agency. But because they are so hard to comprehend, this leads to all kinds of unintended consequences. In the twentieth century, we had the economy of corporations. In the first two decades of the twenty-first century, we saw the emergence of the economy of people, otherwise known as the digital economy, enabled by the internet. Now we're seeing a new economy take shape: the economy of algorithms. How can we use algorithms to automate the boring parts of our jobs, enhance decision-making and drive innovation? Where is the line between algorithmic 'help' and surveillance? Can an algorithm take your job? How do you advertise to a fridge? Do algorithms dream of electric sheep? Why is it so hard to predict where technology will go next? These questions and more are answered by this exciting and ground-breaking book, which includes nine rules for flourishing in the new economy of algorithms. ‘AI appears to be eating the world ... This book is a down to earth tour that will help you understand how the algorithms are increasingly taking on human roles.’ —Toby Walsh, Chief Scientist at the UNSW AI Institute and author of Faking It ‘A damn well-written book . . . a thrilling, entertaining whirlwind tour of different AI algorithms and their industry applications.’ —Tobias Lange, Senior Vice President, Siemens Digital Industries Software