Advances in generative artificial intelligence (Gen AI) technology and their effects on the economy have loomed large as Singapore celebrates the significant milestone that is SG60 and contemplates what lies beyond.
Gen AI, along with other technological advances such as robotic automation, digital media and open-source software, operate on near-zero marginal cost principles*. This means that once content has been created, the incremental cost of production and consumption is very low. These trends challenge deeply established social and economic structures, particularly those related to human labour and income from work, raising questions about who creates value and who benefits from it.
A transformed world where almost every object, space and process is intelligent and operates in a hyperconnected, digital-physical way on near-zero marginal cost economics, will require a fundamental rewiring of the economy and redefine how business is conducted. How can Global-City Singapore — its people and organisations — become the hub of this new world? What strategies and paths must businesses take and what are the implications for society amidst this transformation?
Join Mr Theo Scherman (Chief Growth Officer, APAC/India Regional Growth Office, Hitachi Asia Ltd.) in a session hosted by Mr Christopher Gee (Deputy Director (Research) and Senior Research Fellow, Institute of Policy Studies) to discuss the necessary steps for Singapore to rewire itself and take a leadership role in the next industrial revolution.
*Near-zero marginal cost economics is described by Jeremy Rifkin and other writers.