On the enchanted brooms of our 21st century

Here’s how one of these digital minion’s (perplexity.aI) describes the book:

“In his provocative and insightful new book, "The Economy of Algorithms: AI and the Rise of the Digital Minions," Marek Kowalkiewicz, a professor and Chair in Digital Economy at QUT Business School, takes readers on a thrilling journey into the rapidly evolving world of algorithms and artificial intelligence. With a keen eye for detail and a knack for distilling complex concepts into accessible prose, Kowalkiewicz illuminates the myriad ways in which these "digital minions," like the enchanted brooms in Goethe's classic poem "The Sorcerer's Apprentice," are reshaping our lives, our economy, and our very understanding of what it means to be human.

At the heart of Kowalkiewicz's book is a simple but profound observation: algorithms, once confined to the realm of abstract mathematics and computer science, have "escaped" our understanding and taken on a life of their own in the “real world”. They are no longer mere tools, but active agents in the world, making decisions that have far-reaching consequences for individuals, businesses, and society as a whole. As Kowalkiewicz puts it, "We are so impressed by what they can do that we give them a lot of agency. But because they are so hard to comprehend, this leads to all kinds of unintended consequences."

Through a series of vivid anecdotes and case studies, Kowalkiewicz illustrates the many ways in which algorithms are already shaping our lives, sometimes with disastrous results reminiscent of the flooding workshop in Goethe’s poem. From the hilarious bidding war between rival algorithms on Amazon that saw a copy of a biology book about flies listed for more than $23 million, to the tragic case of pedestrians mowed down by robotaxis, Kowalkiewicz shows how algorithms can be both ludicrously incompetent and terrifyingly powerful. He also delves into the more insidious ways in which algorithms can perpetuate bias and discrimination, as in the case of prisoners denied bail on the advice of software or welfare recipients hounded by an algorithmic debt collector.

But Kowalkiewicz is no Luddite. He is a tech enthusiast with a background in software development, and he sees tremendous potential in the rise of the digital minions. His book is geared towards businesses and entrepreneurs, offering practical advice on how to harness the power of algorithms to automate boring tasks, enhance decision-making, and drive innovation. At the same time, he implores us not to let this new economy "spiral out of control," arguing that the key to asserting human agency in the age of algorithms is digital literacy, lest we end up like the hapless apprentice, unable to control the forces we have unleashed.

Kowalkiewicz's writing is lively and engaging, peppered with pop culture references and wry observations. He has a gift for explaining complex technical concepts in plain language, making his book accessible to a wide audience. And while he is clearly enamored with the potential of algorithms, he is also clear-eyed about their limitations and the need for human oversight. As he puts it, "Minions want to be helpful, they want to work 24/7, full of energy right? But you look away for half a day and they start creating havoc.”

"The Economy of Algorithms" is a timely and important book, one that should be required reading for anyone seeking to understand the rapidly changing world we live in. Kowalkiewicz has written a lucid and compelling guide to the age of the digital minions, one that is both a celebration of their potential and a warning about their perils. It is a book that will leave readers both exhilarated and unsettled, eager to embrace the possibilities of this new economy while also mindful of the need to assert our own agency in the face of the machines, lest we find ourselves, like the sorcerer's apprentice, overwhelmed by the forces we have conjured.”

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