Artificial Intelligence: Productivity Growth and the Transformation of Capitalism

Ekkehard Ernst

A chapter in Platforms and Artificial Intelligence, 2022, pp 149-181 from Springer

Abstract: Abstract Artificial intelligence is sought to have transformative power of modern economies. This chapter discusses various aspects of this transformation, at the job, firm and macro-economic level and analyses how these changes affect the extent to which AI-based tools can trigger faster growth in productivity. It analyses why productivity has not accelerated yet, despite the exponential growth in the field of AI over the past decade. The paper makes a distinction between innovation and adoption and shows how rising inequality is both the result of a shift to AI technologies and a reason for slow adoption. The paper also provides an overview of various policy options to address the issues identified in this paper, ranging from social protection to competition policies that are necessary to address both frictions related to job reallocation and rising inequality.

Keywords: Artificial intelligence; Blockchain; Productivity; Inequality; Jobs; Economic transformation (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prochp:978-3-030-90192-9_7

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DOI: 10.1007/978-3-030-90192-9_7

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