Here's How We Should Prepare Our Youth For The Economy Of The Future As more studies, research, and technology applications emerge, education systems worldwide must be flexible and dynamic to respond effectively.
By Helen Al Uzaizi •
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When it comes to artificial intelligence (AI), all the news we see today seems to fall into one of two camps. One side touts how this will jumpstart technology, fast-track innovation, and lead to a wonderful new era with unprecedented opportunities where humans and machines work together in a utopia. The other side is raising alarms, saying this could lead to an apocalyptic scenario where our machine overlords completely replace humans.
Now, the purpose of this article isn't to support either side of the argument. It is, however, to bring up the issue of how we effectively educate the next generation to live in an AI-driven world.
Let's look at some key stats according to the IBM Global Adoption Index 2022: 35% of companies are already reporting the use of AI within their companies. In addition, larger companies are 100% more likely to have implemented AI than smaller organizations. (In 2021, it was only 69% of larger companies.) The research shows AI will continue to expand throughout all economic sectors, so equipping the next generation with the right tools will be imperative. Several dimensions are essential regarding this technology's power, convenience, and economic impact. To prepare students and college graduates, we need to consider the following:
1. BALANCING TECHNOLOGY ADOPTION AND NURTURING SKILLS In a Best Colleges survey, 50% of college students have admitted to using AI applications to help them finish an assignment or take an exam. In the same study, half of all students also said that they consider AI use as cheating. Universities are beginning to implement systems to stop this behavior. With the growing reliance on this technology, it is understandable why administrators and students consider this an academic violation.
However, a more significant issue here also needs to be addressed: reliance on these technologies can detract from a person's creativity and critical thinking skills. While AI increases a student's output speed, it may not improve the quality, and it may also rob the student of an opportunity to think critically to argue their point effectively. The ability to think critically, problem-solve, and articulate your original thoughts are valuable professional traits and necessary life skills. Instead of punishing students, universities and schools could incorporate assignments and projects that involve interviewing AI tools, compose essays on how these applications work, and use them in ways other than just writing the entire assignment. Educators can also work on questions requiring contextual framing that AI can't easily replicate to nurture students' critical thinking and creativity.
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2. PREPARING STUDENTS FOR AN INFORMATION ECONOMY Beyond coding, information technology (IT), and practical technology skills, students must learn how a future information economic system works. The value of a company's data may be worth more than the actual company. For instance, while United Airlines has a market cap of $9 billion, its data, on the other hand, was worth $20 billion.
This movement to value, measure, and monetize data reflects a greater force at work: the new information economy. Accordingly, we need to prepare our students to look at the economics of information, which doesn't entirely behave the same way as traditional economic principles. Students need to start thinking about the value of information, how to use it as an asset, and how to leverage it to create information products. We need students to use information as an asset that generates returns in many internal and external applications. Instead of preparing students with the mindset of just using technology, we should teach them how to manage and wield information. We want the future generation to control AI, not vice versa.
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3. EQUIPPING STUDENTS WITH AN ENTREPRENEURIAL MINDSET It is difficult to say with certainty which jobs AI will replace, and which will grow out of it. The applications and reverberations are playing out as we speak, and regulators are starting to take note too.
However, there is a constant theme in my columns: the entrepreneurial mindset is critical for today's youth and tomorrow's leaders. Critical thinking, problem solving, creativity, resilience, flexibility, negotiation, persuasion, and team work are essential regardless of the final form of the future economy. In addition, preparing our students with experiential learning, real-world scenarios, and education emphasizing entrepreneurial skills over memorization or regurgitation of AI-generated information will equip them with the tools they need to succeed.
AI, the economics of information, and education are massive subjects on their own. But, together, they create a confluence that requires urgent attention. Moreover, as more studies, research, and technology applications emerge, education systems worldwide must be flexible and dynamic to respond effectively.
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