PEORIA MAGAZINE April 2023

ECON CORNER

Anton Ivanov Assistant Professor of Business Administration at Gies College of Business, University of Illinois Urbana-Champaign

Anton Ivanov (AI): The introduction of new technologies, including AI, is a complex and multifaceted process that is likely to vary across different occupations, industries and regions. Similar concerns were voiced at the time of the emerging Machine Learning (ML) boom. Yet, over the past few years we have seen an enormous growth across a wide spectrum of professional and academic domains attributed to the use of ML. There is an opinion that AI can replace humans in certain tasks and that this can lead to unemployment and a widening gap between the skilled and unskilled workforce. To this end, I would like to use the following quote by Pablo Picasso that I use in my Business Intelligence class: “Computers are useless. They only give you the answers.” The core idea here implies that the ultimate decision is the one to be made by humans. In other words, AI could provide some useful information

W elcome back to Peoria Magazine’s Econ Corner, a recurring feature in which we pose questions to experts about various economic is sues and how they affect our lives and careers here in central Illinois. Doing this month’s Q&A is Anton Ivanov , assistant professor of business administration at Gies College of Business, University of Illinois Urbana Champaign. His research focuses INTERVIEW BY MIKE BAILEY ILLUSTRATION BY SCOTT SHEPLER

on machine learning and artificial intelligence, and he teaches courses on business intelligence and social media strategy. Peoria Magazine (PM): There has been a lot of debate – and angst – recently about Artificial Intelligence (AI) technologies and whether those will be an engine of productivity and economic growth or an engine of unemployment and more inequality than ever. What’s your view?

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