The Art of Deciding

Mark Purdy - economist and thought leader on AI in decision-making

The Art of Deciding

Published: 20 February 2025 at 00:00 Europe/London

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Episode notes

Have you stopped remembering routes because you’ve got Google maps? Would you rely on Chat GPT for advice on how to split up with your partner? Should you say ‘please’ and ‘thank you’ to Alexa? We have some suggestions. Mark Purdy, co-founder and director of Beacon Thought Leadership is also an economist and tech enthusiast. He shares his ideas on the impact of artificial intelligence on decision-making - in industry, in society and in our individual lives.

Chapters:

[00:00] Introduction: The rise of AI and its global influence
[02:15] Mark Purdy’s Journey: From economics to AI research
[06:45] AI as a Decision-Making Tool: Advantages and limitations
[12:10] Human Judgment vs. Machine Precision: Why judgment still matters
[16:20] The Future of Work: How AI may impact jobs and skill-building
[21:00] Ethics, Bias, and the Risks of Automation: What we must watch out for
[25:10] Final Thoughts: The future of AI and maintaining human control

Key Quotes:

“Human judgment must always be part of the equation. The machine can process data, but only we can make ethical decisions.”
“Generative AI is a liberator of time—if we use it the right way.”
“The greatest danger with AI is putting too much trust in it. We must stay in control.”
“You can’t learn a skill by letting technology do it for you.”

Key Takeaways:

AI can improve decision-making by offering data-driven insights and removing mundane tasks, but human judgment and ethics are still critical.
Bias in AI algorithms remains a risk because they learn from historical data, which can reflect existing inequalities.
AI is transforming industries like legal analysis and recruitment but raises concerns about job displacement and the loss of entry-level roles that help build expertise.
Maintaining expertise currency is essential. Relying too heavily on automation may erode critical skills over time.

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