The Hidden Cost Shock After AI DeploymentIn early pilots, AI systems seem to be economically efficient on the surface. Traffic volumes are low, use cases are narrowly defined, and teams closely ...
Economic development can be measured and income is the most common method for measuring development. However, the income method, though useful, has several weaknesses. Hence, we need newer ways of looking at development using indicators of quality of life and environmental sustainability.
Economic activities require loans or credit. Credit, as we saw can have a positive impact, or in certain situations make the borrower worse off. Credit is available from a variety of sources. These can be either formal sources or informal sources. Terms of credit vary substantially between formal and informal lenders.
Forbes: The AI Economics Reckoning: How CIOs Can Move Beyond Pilot-Era ROI
Even if an AI system shows strong ROI as an experiment, it can often fail in production if the organization misjudges the cost structure.
Read Chapters: Introduction, Theory of consumer behaviour, Production and costs, The theory of the firm under perfect competition, Market equilibrium, Non-competitive markets,
Read Chapters: Introduction, National Income Accounting, Money and Banking, Income Determination, The Government Budget and the Economy, Open Economy Macroeconomics, Glossary, Data Tables,
After studying this chapter, the learners will figure out comparative trends in various economic and human development indicators of India and its neighbours, China and Pakistan assess the strategies that these countries have adopted to reach their present state of development.
In economic policies, Statistics plays a vital role in decision making. For example, in the present time of rising global oil prices, it might be necessary to decide how much oil India should import in 2025.