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AI is a convenient tool for getting answers in common language...but are these answers accurate?

The Economics of AI Hallucinations: Information Quality as a Market Good

Many of us love to use AI programs, from ChatGPT to Grok to Google Gemini, to give us answers to complex questions in simple, common language. But are we risking financial and economic inefficiency due to AI errors? Will consumers demand that their AI answers be human-verified?...
4 min read
Economic_development
Definitions

Economic_development

Published on January 28, 2020

Division of Labour
Definitions Factors of production

Division of Labour

Published on January 28, 2020

Direct taxes
Definitions

Direct taxes

Published on January 28, 2020

Demerit good
Definitions

Demerit good

Published on January 28, 2020

Demand
Definitions

Demand

Published on January 28, 2020

Deflation
Definitions

Deflation

Published on January 28, 2020

Clycical unemployment
Definitions

Clycical unemployment

Published on January 28, 2020

Definition of customs union
Definitions

Definition of customs union

Published on January 28, 2020

Balance of payments current account
Definitions

Balance of payments current account

Published on January 28, 2020

Definitions

Corporate Social Responsibility

Published on January 28, 2020

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Digital twins and AI modeling can help companies determine exactly when maintenance should be done to maximize efficiency.

The Economics of Digital Twins and Predictive Maintenance

Large companies may be spending billions of dollars a year in inefficient maintenance on their capital goods, either doing too much maintenance and wasting money or not enough maintenance and dealing with equipment failure. Can digital twins and AI end this inefficiency?...
4 min read

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