Artificial Intelligence (AI) has been named the word of the year for 2023 by Collins dictionary, a renowned English-language dictionary publisher. According to Collins, AI refers to “the modeling of human mental functions by computer programs” and has gained significant attention in the public consciousness in recent times. The dictionary publisher describes AI-powered language models as a “great technological revolution” that has seen rapid development this year.
In addition to AI, Collins has also shown interest in “digital culture” and shortlisted the word “de-influencing” as a contender for word of the year. Collins defines de-influencing as the act of an influencer using their online presence to warn followers about certain commercial products or lifestyle choices. This reflects the growing influence of online personalities and their impact on consumer behavior.
Collins also included two finance-related words on its shortlist. One of them is “debanking,” which refers to the act of depriving a person of banking facilities. This word gained attention after Nigel Farage, a populist politician in the United Kingdom, claimed that Coutts bank tried to close his account due to his political affiliation. Many others have since come forward with similar complaints, shedding light on the issue of debanking in the crypto space. In fact, Republicans in the House Financial Committee in the United States have argued that there is a coordinated strategy to deny players in the digital asset industry access to banking facilities.
Another word on Collins’ shortlist is “greedflation,” a term that combines “greed” and “inflation.” It refers to the practice of raising prices to artificially high levels under the guise of inflation in order to increase corporate profits. Collins attributes the current living crisis in the United Kingdom to greedflation, as businesses are accused of making excessive price hikes to boost their profits.
It is worth noting that the United States is currently facing an inflation rate of 3.7%, higher than the predicted 3.6% rate. However, this is a significant decrease from the rates of 6.7% and 7% in 2022 and 2021, respectively.
These words reflect the evolving landscape of technology, culture, and finance in 2023. AI continues to make strides in its development, while digital culture and financial issues such as debanking and greedflation have become prominent topics of discussion. As the year progresses, it will be interesting to see how these trends shape the future.
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