Follow Robert Facebook
Email Robert Email
Education
Apr 1, 2019

The Rise of Artificial Intelligence: What Does It Mean for Our Region?

Sponsored Content provided by Robert Burrus - Dean , Cameron School of Business - UNC-Wilmington

This Insights blog was contributed by Dr. Adam Jones, Associate Professor of Economics at the UNCW Cameron School of Business.

The emergence of artificial intelligence (AI) and technological expansion has both stirred imaginations, as well as stoked concerns of job loss and income inequality. Jean de La Fontaine’s aphorism, “Everyone believes very easily whatever they fear or desire,” continues to ring true 300 years after his death. 
 
So, what does the expansion of AI and automation mean for the Wilmington region? It means there is much change in our future – maybe more than the rest of the county.
 
To assess the potential impact of AI on the regional economy, we borrow from the work of two Oxford engineering faculty members, Carl Frey and Michael Osborne, to evaluate our region’s susceptibility to computerization and find that roughly half the regional jobs may be affected by computerization. We should note – this doesn’t mean employment will be cut in half; it means that the nature of employment will change significantly. Employment will move toward the jobs that require perception, creative intelligence, and social intelligence.
 
Imagine a world where the routine and dull parts of your job are removed and the creative, social, engaging parts expand. The Brookings Institute suggests a five-pronged approach for policies as we continue to move into a computerized world:
  • Embrace growth and technology (figure out how to use it to your advantage rather than fight the inevitable).
  • Promote a constant learning mindset. The Cameron School of Business is already moving to help professionals in the region plug into new tech through the Swain Center’s executive education and new online master’s programs.
  • Facilitate a smoother adjustment. While adjusting to a shift in career is difficult, to put it mildly, the Chamber of Commerce, Cape Fear Community College, and New Hanover County are looking at creative ways to help match available labor to area businesses. The exact process and method isn’t yet clear but the focus is there.
  • Reduce hardships for workers who are struggling. The Brooking’s Report suggests programs that have traditionally been managed at the federal level.
  • Mitigate harsh local impact. Our best strategy to mitigate the impact is likely to continue the region’s economic development efforts and focus on building a diverse, creative, resilient local economy that benefits from the expansion of technology through firms, such as nCino, Live Oak, Apiture and NextGlass, among others.
Today, a majority of us would give up our pinky finger before we would give up our phones. If history is a guide, we might very well be willing to give up our whole hand in the future, so let’s not give up on artificial intelligence and computerization. See them as pathways toward a more prosperous and efficient future.

Robert T. Burrus, Jr., Ph.D., is the dean of the Cameron School of Business at the University of North Carolina Wilmington, named in June 2015. Burrus joined the UNCW faculty in 1998. Prior to his current position, Burrus was interim dean, associate dean of undergraduate studies and the chair of the department of economics and finance. Burrus earned a Ph.D. and a master’s degree in economics from the University of Virginia and a bachelor’s degree in mathematical economics from Wake Forest University. The Cameron School of Business has approximately 60 full-time faculty members and 20 administrative and staff members. The AACSB-accredited business school currently enrolls approximately 2,000 undergraduate students in three degree programs and 200 graduate students in four degree programs. The school also houses the prestigious Cameron Executive Network, a group of more than 200 retired and practicing executives that provide one-on-one mentoring for Cameron students. To learn more about the Cameron School of Business, please visit http://csb.uncw.edu/. Questions and comments can be sent to [email protected]. 

Other Posts from Robert Burrus

Csbwbjmbaad300x250px 4151594621
Ico insights

INSIGHTS

SPONSORS' CONTENT
Headshot2 3182020512

How To Protect Your HVAC From Hurricanes

Chris Jones - Green Dot Heating & Air
Alycephillipsnew2

Unemployed? Put Yourself On A Well-Planned Financial ‘Diet’

Alyce Phillips - Old North State Trust LLC
Dave sweyer 300 x 300

Long-Term Rentals vs. Vacation Rentals: Why Long-Term May Be The Best Choice For Investors

Dave Sweyer - Sweyer Property Management

Trending News

Office And Retail Complex Under Construction Gets Protective Touches

Cece Nunn - May 29, 2020

Attorney: Business Interruption Insurance Should Cover Virus Losses

Jenny Callison - May 28, 2020

For County's $1.3M Small Business Grant Program, More Details Coming

Cece Nunn and Christina Haley O'Neal - May 29, 2020

Chamber Launches Latin American Business Council

Christina Haley O'Neal - May 28, 2020

Local Nursing Homes Work To Keep Residents Safe And Connected

Jenny Callison - May 29, 2020

In The Current Issue

Stay-at-home Improvement

As hardware and other do-it-yourself (DIY) home improvement retailers and gardening supply stores begin to enter their busy season, they are...


Info Junkie: Rhonda Bellamy

Rhonda Bellamy, executive director of the Arts Council of Wilmington/New Hanover County, shares her top tech and info picks....


Education Leader Forges Way Forward

Burns was tapped as interim superintendent of NHCS in February, following the resignation of Tim Markley. Burns assumed his new role in Marc...

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WILMA Leadership Accelerator
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`