Quotation König, Michael. 2017. Beyond Turing? The notion of economic performance in the new normal. Futures of a Complex World 2017, Turku, Finnland, 12.06.-13.06.


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Abstract

BEYOND TURING? THE NOTION OF ECONOMIC PERFORMANCE IN THE NEW NORMAL: “Although prospection allows us to navigate time in a way that no other animal can, we still see more than we foresaw”1). This seminal statement by Gilbert and Wilson aptly frames the paradox of the 21st century: While we are increasingly equipped in employing advanced foresight techniques, we have to accept that the nature and rate of disruptive change in the “new normal” overwhelms us. A major catalyst to this is the rapidly emerging phenomenon of artificial intelligence, ranging from human and technology interaction to the illusion of technological singularity. This poses manifold challenges to several scientific disciplines. This paper selects the notion of “performance” in economics and explores how it will be affected. Currently, there is a paradigm shift in economics, refuting the rationally acting “homo oeconomicus” by establishing the (partly) irrationally acting “homo emotionalis” in its models. With the rise of perfectly rationally acting artificial intelligence, however, will there have to be a third perspective, a “machina oeconomica”, a “machina humana”, or a mix? Building on Turing’s idiosyncratic test of human and machine performance 2) , this paper systematically synthesizes key insights from sense-making theory, foresight, economics and control theory, and conducts phenomenological research 3) in order to provide new insights and interesting research hypotheses. 1) Gilbert D. T. & Wilson T. D. (2007). Prospection: Experiencing the Future, Science 317, 5843, pp. 1351-1354; 2) Turing, A. M. (1950). Computing Machinery and Intelligence, Mind, LIX, 236, pp. 433–460; 3) Krogh, G., Rossi-Lamastra, C., & Haefliger, S. (2012). Phenomenon-based research in management and organization science: When is it rigorous and when does it matter? Long Range Planning, 45, pp. 277-298.

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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Paper presented at an academic conference or symposium
Language English
Title Beyond Turing? The notion of economic performance in the new normal
Event Futures of a Complex World 2017
Year 2017
Date 12.06.-13.06.
Country Finland
Location Turku

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People
König, Michael (Details)
Organization
Strategy and Innovation DP (Details)
Research areas (ÖSTAT Classification 'Statistik Austria')
5307 Business and management economics (Details)
5333 Business management (Details)
5350 Innovation research (Details)
5359 Controlling (Details)
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