AI and the economy

Jason Furman, Robert Seamans

    Research output: Contribution to journalArticle

    Abstract

    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.

    Original languageEnglish (US)
    Pages (from-to)161-191
    Number of pages31
    JournalInnovation Policy and the Economy
    Volume19
    Issue number1
    DOIs
    StatePublished - Jan 1 2019

    Fingerprint

    Artificial intelligence
    Personnel
    Robotics
    Productivity
    Labour market
    Industry

    ASJC Scopus subject areas

    • Economics and Econometrics
    • Strategy and Management
    • Management of Technology and Innovation

    Cite this

    Furman, J., & Seamans, R. (2019). AI and the economy. Innovation Policy and the Economy, 19(1), 161-191. https://doi.org/10.1086/699936

    AI and the economy. / Furman, Jason; Seamans, Robert.

    In: Innovation Policy and the Economy, Vol. 19, No. 1, 01.01.2019, p. 161-191.

    Research output: Contribution to journalArticle

    Furman, J & Seamans, R 2019, 'AI and the economy', Innovation Policy and the Economy, vol. 19, no. 1, pp. 161-191. https://doi.org/10.1086/699936
    Furman, Jason ; Seamans, Robert. / AI and the economy. In: Innovation Policy and the Economy. 2019 ; Vol. 19, No. 1. pp. 161-191.
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