Generative AI Through the Lens of Neo-Schumpeterian Economics: Mapping the Future of Business Innovation

Amita Kapoor, Narotam Singh, Vaibhav Chaudhary, Nimisha Singh and Neha Soni

No khptm_v1, OSF Preprints from Center for Open Science

Abstract: This paper explores the transformative impact of Generative AI (GenAI) on the business landscape, examining its role in reshaping traditional business models, intensifying market competition, and fostering innovation. By applying the principles of Neo-Schumpeterian economics, the research analyses how GenAI is driving a new wave of "creative destruction," leading to the emergence of novel business paradigms and value propositions. This research incorporates a novel AI-augmented SPAR-4-SLR framework as a key component, offering a systematic and innovative approach to analysing the rapidly evolving GenAI domain. By leveraging co-occurrence network analysis and LLM-based evaluation, this methodology identifies interdisciplinary trends and highlights diverse applications of GenAI. Beyond this, the study extends its scope to explore insights from internet-scraped data, Twitter analytics, and company reports, providing a comprehensive understanding of how GenAI is transforming businesses. This multi-faceted approach underscores GenAI's profound impact across industries such as technology, healthcare, and education, revealing its role in enhancing operational efficiency, driving product and service innovation, and creating new revenue streams. However, the deployment of GenAI also presents significant challenges, including ethical concerns, regulatory demands, and the risk of job displacement. By addressing the multifarious nature of GenAI, this paper provides valuable insights for business leaders, policymakers, and researchers, guiding them towards a balanced and responsible integration of this transformative technology. Ultimately, GenAI is not merely a technological advancement but a driver of profound change, heralding a future where creativity, efficiency, and growth are redefined.

Date: 2024-11-20
New Economics Papers: this item is included in nep-sbm
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Persistent link: https://EconPapers.repec.org/RePEc:osf:osfxxx:khptm_v1

DOI: 10.31219/osf.io/khptm_v1

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