AI" Tops Collins Dictionary's "2023 Word of the Year"; "Debanking" and "Greedflation" Among Others Featured
Summary:
The term 'AI,' or artificial intelligence, has been selected as the 2023 word of the year by the Collins dictionary. The dictionary also demonstrated a keen interest in "digital culture," featuring terms like "de-influencing" and "debanking." Among other extremely topical words is "greedflation," a term associated with businesses inflating prices excessively in the name of profit. These linguistic trends and highlights reflect the societal and economic changes of the year 2023.
The term 'AI,' short for artificial intelligence, has been declared as the word of the year 2023 by the Collins dictionary, one of the most seasoned publishers of English-language dictionaries. According to Collins, AI refers to "computer programs designed to imitate human cognitive processes." The dictionary noted the dramatic increase in the public's awareness of AI-based language models towards the end of 2022. Collins highlighted the notable advancements AI made in 2023 and its significant conversations in the public domain, describing it as the "upcoming technological revolution." In 2023, Collins found "digital culture" fascinating, featuring the term "de-influencing" defined as influencers' use of their online platform to deter followers from certain commercial products or lifestyle choices. Collins also shortlisted two finance-related words for its 'word of the year.' The term "debanking” made the list, referring to "removing one's access to banking services." Collins emphasized the controversial issue of debanking following Nigel Farage, a prominent UK politician, alleging that Coutts bank tried to terminate his account due to political reasons. This ignited a series of complaints from individuals about being debanked without clarification. The crypto industry has long been subject to debanking concerns. US House Financial Committee Republicans asserted in April that there appears to be a planned move to limit digital asset industry players' access to banking services. Binance, a well-known cryptocurrency exchange, recently experienced debanking issues in Europe, restricting users from euro spot trading with local banking partner Paysafe starting September 28. Collins also added "greedflation" to its shortlist, a term combining "greed" and "inflation,” defined as employing inflation to justify exorbitant price increases aimed to maximize corporate profits. Collins, UK-based, linked the current living crisis in the UK with inflation. It asserted that many believe businesses are excessively inflating prices for profit gain, termed as "greedflation.” The U.S. inflation calculator indicates the ongoing inflation rate at 3.7%, slightly higher than the anticipated 3.6%, but significantly lower than 2022 and 2021 rates of 6.7% and 7% respectively.
Published At
11/1/2023 9:07:19 AM
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