Big Data, Algorithms, AI, Ethics, and the Economy: An Aristotelian Perspective

Ricardo Crespo

No 232, Working Papers from Red Nacional de Investigadores en Economía (RedNIE)

Abstract: While a growing body of literature points to the advantages of using algorithms in big data processing, as well as applying them to artificial intelligence (AI), in order to achieve a desired output, it also warns about the pitfalls and perils in algorithm decision-making. Algorithms and AI are the machines and big data is the new oil. Criticisms come from different fields: legal, social, political, medical, and the economic. They argue that algorithms have the power to predict our wishes and behavior and, subsequently, to manage our life: they decide the music we listen to, the news we read, the information we obtain, the content we see online, the movies we watch, the health care we receive, the products we buy, and so on.

Pages: 20 pages
Date: 2023-04
New Economics Papers: this item is included in nep-big
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