The Role of AI in Economic Theory and Policy

Imad A. Moosa ()

Chapter 7 in The Economics of Artificial Intelligence, 2025, pp 158-187 from Edward Elgar Publishing

Abstract: The relation between economics and AI takes several shapes and forms. AI has macroeconomic and microeconomic effects. AI affects output and employment. AI is used in the development of economic theories and models. AI changes how things work in various branches of economics. When it comes to policy, AI is used to conduct the analysis required for the design and implementation of economic policy. AI could change the environment in which the policy is implemented and affect the parameters used to conduct policy. Moreover, it could change the intensity of the problem that requires monitoring and, if necessary, corrective policies. A question remains as to whether economic policy should be left to machines, and in general whether or not AI should replace economists. Last, but not least, AI has implications for the currently dominant economic system of neoliberal capitalism.

Keywords: Economic theory; Economic policy; Neoliberal capitalism; AI as a factor of production; Applications of AI in economics; AI as an economic policymaker; AI economist (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035345854
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.elgaronline.com/doi/10.4337/9781035345861.00014 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:23900_7

Ordering information: This item can be ordered from
http://www.e-elgar.com

Access Statistics for this chapter

More chapters in Chapters from Edward Elgar Publishing
Bibliographic data for series maintained by Darrel McCalla ().