Sustainable economic development and post-economy of artificial intelligence

Oktay Mamedov (), Yuri Tumanyan (), Oksana Ishchenko-Padukova () and Irina Movchan ()
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Oktay Mamedov: Southern Federal University, Russian Federation
Yuri Tumanyan: Southern Federal University, Russian Federation
Oksana Ishchenko-Padukova: Southern Federal University, Russian Federation
Irina Movchan: Southern Federal University, Russian Federation

Entrepreneurship and Sustainability Issues, 2018, vol. 6, issue 2, 1028-1040

Abstract: The world economy is currently becoming involved into a most dangerous crisis of systemic nature: into the transition from postindustrial type economy to post-economy of artificial intelligence (AI). The portent to such a "transition crisis" manifests itself in the fact that the wage level has become stable in all industrially developed countries, however, the center of revolutionary qualitative change has by now shifted to a change of the employment structure – the proportion of less qualified workers group keeps decreasing, what is more, exponentially. Meanwhile, bearing in mind that live labor is the major source of increment of national wealth in sustainable postindustrial economy, it can be stated that it has reached the limit of its constructive capacities and urgently demands bringing the "personal factor" of production beyond boundaries of the latter. It is "post-economy of artificial intelligence" that is up to this imperative. It is characterized by the priority of the new source of energy and social communicating technology, it forms a brand-new economic basis which exceeds the potential of postindustrial production. What actually happens is the transition from the "economy of scarcity" to the "economy of abundance". This entails new architectonics of a social order. In post-economy of artificial intelligence, software-controlled production, service and transaction structures gain the global nature initially. As a result, "artificial intelligence" appears to be the creative software. In the new situation, the emergence of more complicated forms of economy is inevitable. Market institutions – competition, innovation, marketability – will be put to comprehensive tests too. A bunch of theoretical questions arise that can be answered by the economic science. It is searching for answers to the set questions that is in the focus of attention of this paper.

Keywords: Artificial Intelligence (AI); post-economy; sustainability; transformational change; fundamental properties; scientific progress (search for similar items in EconPapers)
JEL-codes: E19 P10 P48 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:ssi:jouesi:v:6:y:2018:i:2:p:1028-1040

DOI: 10.9770/jesi.2018.6.2(37)

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