Artificial Intelligence and Economic Growth: A Theoretical Framework

IF 0.9 Q3 ECONOMICS Scientific Annals of Economics and Business Pub Date : 2021-11-26 DOI:10.47743/saeb-2021-0027

Lei Wang, P. Sarker, Kausar Alam, S. Sumon

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引用次数: 6

Abstract

The growing adoption of Artificial Intelligence (AI) has sparked ubiquitous concerns worldwide. Artificial intelligence can affect economic growth and employment. The influence is assumed to be substantial because the adoption of AI technology may lead to increased productivity, lower wages, prices, and labor substitution. Artificial intelligence can affect global economic growth with its widespread adoption and diffusion. We mathematically examined the effects of AI on economic growth, reiterating how AI is unique as a production factor. The models show that AI capital lowers capital prices, increases wages, and augments productivity. Besides, AI capital positively affects the labor share and vice versa, provided that AI and labor are complementary. We improved a task-based model to show AI raises both labor share and wages by generating new tasks. We also present the potential policy implications of AI adoption. We conclude AI can contribute to economic growth. Labor-abundant countries should adopt labor-augmenting technology, while countries with an aging population can adopt capital-augmenting technology. However, caution should be exercised in ensuring that the models are leveraged optimally.

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人工智能与经济增长：一个理论框架

人工智能的日益普及引发了全世界普遍关注。人工智能可以影响经济增长和就业。这种影响被认为是巨大的，因为人工智能技术的采用可能会提高生产力、降低工资、价格和劳动力替代。人工智能的广泛采用和传播可以影响全球经济增长。我们从数学上研究了人工智能对经济增长的影响，重申了人工智能作为一种生产要素是如何独特的。模型显示，人工智能资本降低了资本价格，提高了工资，提高了生产力。此外，人工智能资本对劳动力份额有正向影响，反之亦然，前提是人工智能和劳动力是互补的。我们改进了一个基于任务的模型，显示人工智能通过生成新任务来提高劳动力份额和工资。我们还介绍了人工智能采用的潜在政策影响。我们得出结论，人工智能可以促进经济增长。劳动力充足的国家应该采用劳动力补充技术，而人口老龄化的国家可以采用资本补充技术。然而，在确保模型得到最佳利用时，应谨慎行事。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Scientific Annals of Economics and Business ECONOMICS-

CiteScore

1.40

自引率

0.00%

发文量

审稿时长

10 weeks

期刊介绍： The Journal called Scientific Annals of Economics and Business (formerly Analele ştiinţifice ale Universităţii "Al.I. Cuza" din Iaşi. Ştiinţe economice / Scientific Annals of the Alexandru Ioan Cuza University of Iasi. Economic Sciences), was first published in 1954. It is published under the care of the Alexandru Ioan Cuza University, the oldest higher education institution in Romania, a place of excellence and innovation in education and research since 1860. Throughout its editorial life, the journal has been continuously improving. Renowned professors, well-known in the country and abroad, have published in this journal. The quality of the published materials is ensured both through their review by external reviewers of the institution and by the editorial staff that includes professors for each area of interest. The journal published papers in the following main sections: Accounting; Finance, Money and Banking; Management, Marketing and Communication; Microeconomics and Macroeconomics; Statistics and Econometrics; The Society of Knowledge and Business Information Systems.