Boardwalk Empire: How Generative AI is Revolutionizing Economic Paradigms

• URL: http://arxiv.org/abs/2410.15212v2
• Date: Tue, 22 Oct 2024 03:19:43 GMT
• Title: Boardwalk Empire: How Generative AI is Revolutionizing Economic Paradigms
• Authors: Subramanyam Sahoo, Kamlesh Dutta,
• Abstract summary: Deep generative models, an integration of generative and deep learning techniques, excel in creating new data beyond analyzing existing ones. By automating design, optimization, and innovation cycles, Generative AI is reshaping core industrial processes. In the financial sector, it is transforming risk assessment, trading strategies, and forecasting, demonstrating its profound impact.
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• Abstract: The relentless pursuit of technological advancements has ushered in a new era where artificial intelligence (AI) is not only a powerful tool but also a critical economic driver. At the forefront of this transformation is Generative AI, which is catalyzing a paradigm shift across industries. Deep generative models, an integration of generative and deep learning techniques, excel in creating new data beyond analyzing existing ones, revolutionizing sectors from production and manufacturing to finance. By automating design, optimization, and innovation cycles, Generative AI is reshaping core industrial processes. In the financial sector, it is transforming risk assessment, trading strategies, and forecasting, demonstrating its profound impact. This paper explores the sweeping changes driven by deep learning models like Large Language Models (LLMs), highlighting their potential to foster innovative business models, disruptive technologies, and novel economic landscapes. As we stand at the threshold of an AI-driven economic era, Generative AI is emerging as a pivotal force, driving innovation, disruption, and economic evolution on a global scale.

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