Economists are prone to fads, and the latest is machine learning
economist.com
economist.com
I can say the next big thing probably won't be an AI breakthrough, I'm guessing it will be a new way of using existing machine learning structures like CNN's. Maybe a new use for the incredibly powerful gpu's being pumped out for machine learning applications?
A lot of big industrial processes have a ton of different control loops that try to optimize parameters. The systems are usually complicated enough that the ideal state for these parameters is unknown, so controllers try to approximate.
An easy example is the engine controller in cars. It tries to optimize for power, efficiency, emissions, engine longevity, etc...
Machine learning could crunch tons of historical data from these systems to build a CNN that performs better than the usual controller.
In some systems, like stoplight timings or freight packing.... An AI driven controller could possibly be revolutionary, performing orders of magnitude better than current algorithms.
- first mover advantage. You establish a new way of doing things. Others pile in. Your investment goes up.
- marketing. Your chances to stand out and as employee attract management attention or if you are a fund attract more money to manage is a powerful incentive.