Weekend Financial Times Magazine carries an extract from a book by Ian Ayers, entitled "Super Crunchers: How anything can be predicted", published this month by John Murray.
Risk Managers should understand the developments in database decision-making which is what this book is about. One of my contacts in Seattle, a man who headed up Digital Equipment Coorporation's operations in Japan for many years, has sent me a presentation that estimates that by 2020 computers with the capacity of the human brain will cost less than $1000, so the computing power necessary for such a world of database decision making will be available to almost everyone on a median developed world income.
Good news is that the machines,,for the moment, will still need us. Ayers says "Humans are crucial not only in deciding what to test, but also in collecting and, at times, creating the data."
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