In case you haven’t noticed, there’s been a lot of discussion about AI technology and the role it will play in our future. While the thought of computers or robots being so advanced has been scary for some of us, it’s being advertised as having some benefits. Recently, the graphic design platform Canva launched a new tool called Magic Write. With it, you can type five or more words that describe what you want to write, and the program will write it.
So, I thought I’d give it a chance and see what it’s all about. Using prompts and sentences related to economic development, as well as comments or questions that we often receive yielded some pretty interesting results. While I can agree with most, some I think are subjective, and others need a little work.
I asked several questions. So, I will be breaking up this blog post into several parts. I’ve listed the questions or phrases I used, with the AI’s responses below. Let’s go through them together.
I started with a general question that I’m sure many of us would like to know.
“Who created AI”
The concept of AI (Artificial Intelligence) has been around for centuries, but the first person to formally propose the idea was John McCarthy in 1956. Since then, many people have contributed to the development of AI, including researchers, scientists, and engineers from all over the world. It is now a rapidly growing field with many exciting advancements and applications.
With each response, this warning was given:
Generated with AI using canva.com/magic-write.
This technology is new and improving, please check the accuracy before sharing.
So, let's definitely keep that in mind.
I then went on to some basic questions about economic development.
Using the phrase “economic development is”
Economic development refers to the sustained and concerted efforts of policymakers and community members to improve the economic well-being and quality of life for individuals in a given area. It often involves attracting new businesses, creating jobs, improving infrastructure, enhancing education and workforce development, and promoting innovation and entrepreneurship. Effective economic development strategies take into account the unique strengths and challenges of a particular region or community, and aim to build on existing assets while addressing areas of weakness.
Using the same phrase
Economic development is a complex and multifaceted process that involves various factors such as political stability, technological advancements, infrastructure development, education and training, and the availability of resources. It is a continuous process that aims to improve the standard of living and quality of life for people by increasing productivity, creating jobs, and reducing poverty. However, achieving sustainable economic development is not an easy task and requires the collective efforts of governments, businesses, civil society, and individuals.
Those were pretty accurate and simple enough. So, I dug a little deeper.
“Things that are not economic development”
There are several things that are not considered economic development. For example, simply building new infrastructure, such as roads or buildings, does not necessarily equate to economic development. Similarly, providing tax incentives or subsidies to businesses without a clear plan for long-term growth may not lead to sustainable economic development. Additionally, activities that harm the environment or perpetuate inequality, such as exploiting natural resources or paying low wages, cannot be considered economic development. Ultimately, true economic development involves creating a diverse and thriving economy that benefits all members of a community.
Following up on that thought, I got a little more specific.
“Having land is not considered economic development because”
Having land is not considered economic development on its own because land is a fixed asset that does not produce any income or economic activity by itself. However, developing the land by building infrastructure, such as roads or buildings, or using it for agricultural or industrial purposes can lead to economic growth and development. It is important to note that economic development is a complex process that involves various factors, such as education, innovation, and entrepreneurship, in addition to the availability of land and other resources.
“Having buildings isn't economic development because”
Having buildings alone does not necessarily constitute economic development. While building construction can create jobs and stimulate local businesses, true economic development involves sustained growth in industries such as manufacturing, technology, and trade. These industries create high-paying jobs that promote upward mobility and attract outside investment. Moreover, economic development also involves improving the quality of life for residents through investments in infrastructure, education, healthcare, and other public services. Therefore, having buildings is just one aspect of economic development, and it must be accompanied by a comprehensive strategy that addresses all aspects of a community's well-being.
So far, I agree with most of the responses. From what economic development is to what it isn’t–AI seems to be on the right track.
Stay tuned for part 2.