The Economy of Algorithms: AI and the Rise of the Digital Minions

Welcome to the economy of algorithms. It's here and it's growing. In the past few years, we have been flooded with examples of impressive technology. Algorithms have been around for hundreds of years, but they have only recently begun to 'escape' our understanding. When algorithms perform certain tasks, they're not just as good as us, they're becoming infinitely better, and, at the same time, massively more surprising. We are so impressed by what they can do that we give them a lot of agency. But because they are so hard to comprehend, this leads to all kinds of unintended consequences. In the 20th century, things were simple: we had the economy of corporations. In the first two decades of the 21st century, we saw the emergence of the economy of people, otherwise known as the digital economy, enabled by the internet. Now we're seeing a new economy take shape: the economy of algorithms.
 

'AI appears to be eating the world. How then to understand where this is taking us, both the promises and the threats? This book is for you. A down-to-earth tour that will help you understand how the algorithms are increasingly taking on human roles.'
Toby Walsh, Chief Scientist at the UNSW AI Institute and author of Faking It and Machines Behaving Badly

'AI and algorithms are reshaping our world at an unprecedented pace, with buzzwords like neural networks, deep learning and transformers dominating the headlines. But what significance do these terms hold for you? Professor Kowalkiewicz's eagerly awaited book provides clear and accessible answers to this question.'
Chong Wang, AI Research scientist, Apple

'A very accessible book for anyone interested in the long-term opportunities for businesses, individuals and society as technology penetrates ever more corners of the economy and our lives ... enlightening, informative and encouraging.'
Simon Dale, Vice-President, Adobe

'A damn well-written book ... a thrilling, entertaining whirlwind tour of the different AI algorithms and their industry applications ... This is the book I will, from now on, recommend to anyone who wants to understand the implications that a new generation of AI-powered algorithms will have on human society and how to best work together with them.'
Tobias Lange, Senior Vice President, Siemens

'This book is right on time for us to understand more of the good, the bad and the ugly of algorithms. An eye-opener about how ubiquitous digital helpers and algorithms have become in our daily lives.'
Mario Herger, author of Gamification at Work

'This is a fantastic and timely book about the opportunities and risks of algorithms ... It concludes with a series of much-needed recommendations that provide guidance on how we can all learn to live and prosper with our digital minions.'
Jonathan Reichental, author of Smart Cities for Dummies

'Kowalkiewicz deftly charts the so-called "march of the algorithms" and how they have come to dominate so much of our world ... This is an optimistic guide to tilting our modern economy of algorithms toward opportunity instead of disaster.'
Rohit Bhargava, author of Non-Obvious Megatrends

'An essential read for those looking to future-proof their careers in the face of AI's advancement and in an era of relentless change.'
Diana Wu David, author of Future Proof

'From automating mundane tasks to challenging ethical boundaries, this book delves into the heart of our algorithm-driven future, offering insightful rules for thriving in this new era.'
Aleksandra Przegalińska, Vice-Rector for International Cooperation and ESR, Kozminski University and Head of the HumanRace Research Center

Marek Kowalkiewicz is founding director of the Queensland University of Technology Research Centre for the Digital Economy. He previously led innovation teams in Silicon Valley for one of the largest enterprise software vendors in the world. In 2023, Thinkers360 included him in its list of the Top 100 Global Thought Leaders in Artificial Intelligence.