What economic activities promote invention and innovation? During Shanghai Finance Forum 2018 jointly hosted by SAIF, CAFR and GFLF on December 15th, Thomas J. Sargent, W.R. Berkley Professor of Economics and Business at New York University and Nobel Prize laureate 2011 in Economic Sciences, revealed the answers: 1) Trade – within and across political borders; and 2) War, which is also a key driver of invention and innovation at the demand side.
Tomas J. Sargent also mentioned why there are so many great innovations in human history. He believes that the source of these great innovations is precisely the connections between people in different fields and between different ideas. People exchange their ideas and supplement them on their own, for example, big data, artificial intelligence (AI), AlphaGo and machine learning.
He stated that there are many artificial factors in machine learning. Without people, it is impossible to create machine learning, which is actually a collection of ideas in many disciplines, including mathematics, statistics, computer science, economics, game theory, brain science and cognitive science. By combining all these disciplines and find out the interactions between them, machine learning is thus invented.
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