Climate change was another enormous topic as many members advocated to use materials that were renewable and eco-friendly. The way that leaders of the WEF could help make our world resort to clean energy was by funding projects that were using clean energy.
Technology was a big talking point as well as the WEF was blown away by the intelligence of ChatGPT and other AI software and hardwares. The emergence of AI and the increase in inflation have caused many companies to lay workers off. For example, BlackRock layed off 10,000 employees recently and Microsoft also layed employees off recently.
Overall, the Davos meeting in the WEF is something that is very interesting because they don't just talk about what issues they want to solve, they look at the big picture and what they say they want to do provides us with information about what to expect. Their heavy advocation for green energy and AI should make us certainly believe that our economic systems could potentially see drastic change to adjust with new innovations and processes.
Link to article: https://www.reuters.com/business/davos-2023-key-takeaways-world-economic-forum-2023-01-20/
3 comments:
Interesting choice of topic I enjoyed reading it. My question though is how do you think that a move to green energy will affect prices. I assume green energy is not the cheapest option. I would be interested to see what they believe the monetary value of protecting the environment is in comparison to their everyday operations.
I personally think that the move to green energy will only increase prices because it is expensive to produce. We have energy that is dependent on using fossil fuels and this transition to cleaner energy has caused those prices to shoot up due to a lack of supply being provided for oil/gas dependent services. It will be interesting to see how the WEF leads a transition into a greener economy.
Hello Brandon,
I really enjoyed reading this blog post. One thing I found very interesting was the introduction to the topic of AI and its effects on the economy. It is true that in recent years employers have laid off many workers in place of AI capital. These workers have been losing their jobs for a cheaper form of production. Unfortunately, a benefit of AI is cheaper labor costs because you do not have to pay wages/benefits and workers comp. Additionally, they are prone to less error than a human would.
It is hard to tell how this will actually affect the economy but what we do know is that people will be out of jobs in the next 5-10 years. This means some areas of work will be completely out of a job, which creates discouraged workers. If one thing we know about joblessness is that it typically means less consumption and lower GDP. All things that are supposed to benefit an economy.
Overall, good insights. I enjoyed reading
- Ryan Stefancin
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