AI and the Economy
By Jason Furman, Robert C. Seamans. Innovation Policy and the Economy, 2018
500 citations recorded by the source corpus.
We review the evidence that artificial intelligence (AI) is having a large effect on the economy. Across a variety of statistics—including robotics shipments, AI start-ups, and patent counts—there is evidence of a large increase in AI-related activity. We also review recent research in this area that suggests that AI and robotics have the potential to increase productivity growth but may have mixed effects on labor, particularly in the short run. In particular, some occupations and industries may do well while others experience labor market upheaval. We then consider current and potential policies around AI that may help to boost productivity growth while also mitigating any labor market downsides, including evaluating the pros and cons of an AI specific regulator, expanded antitrust enforcement, and alternative strategies for dealing with the labor market impacts of AI, including universal basic income and guaranteed employment.
Subfields: Economics and Econometrics
View Paper: https://www.semanticscholar.org/paper/4de874d1e86aaa44d286c4cd5143845817cf864d
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Citations in the corpus
- Artificial Intelligence and Entrepreneurship: Implications for Venture Creation in the Fourth Industrial Revolution (2020, background): “The term lacks specificity though, and is used “to describe a range of advanced technologies...including machine learning, autonomous robotics and vehicles, computer vision, language processing, virtual agents, and neural networks” ( Furman & Seamans, 2019, p. 186).”
- How will Language Modelers like ChatGPT Affect Occupations and Industries? (2023, background): “More generally, the article builds on a broader set of literature studying the effect of AI on the economy (Furman and Seamans, 2019; Goldfarb et al., 2019).”
- Engineering Value: The Returns to Technological Talent and Investments in Artificial Intelligence (2019, unknown): “…prediction is pervasive throughout the economy, the promise of AI is that it will lead to business process innovation, job redesign, and new engineering advances across many domains in the economy (Furman and Seamans 2018; Brynjolfsson, Mitchell, and Rock 2018b).”
- Ten Facts on Declining Business Dynamism and Lessons from Endogenous Growth Theory (2019, unknown): “Besides, Furman and Seamans (2018); Jones and Tonetti (2019); Arrieta-Ibarra et al.”