The Economic Impacts and the Regulation of AI: A Review of the Academic Literature and Policy Actions

Mariarosaria Comunale and Andrea Manera

No 2024/065, IMF Working Papers from International Monetary Fund

Abstract: We review the literature on the effects of Artificial Intelligence (AI) adoption and the ongoing regulatory efforts concerning this technology. Economic research encompasses growth, employment, productivity, and income inequality effects, while regulation covers market competition, data privacy, copyright, national security, ethics concerns, and financial stability. We find that: (i) theoretical research agrees that AI will affect most occupations and transform growth, but empirical findings are inconclusive on employment and productivity effects; (ii) regulation has focused primarily on topics not explored by the academic literature; (iii) across countries, regulations differ widely in scope and approaches and face difficult trade-offs.

Keywords: Artificial Intelligence (AI); labor market; task exposure; productivity; regulation; governance.; productivity effect; regulation of AI; AI system; AI model; AI technology; Artificial intelligence; Machine learning; Automation; Global (search for similar items in EconPapers)
Pages: 69
Date: 2024-03-22
New Economics Papers: this item is included in nep-ain, nep-cmp, nep-ino and nep-reg
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Citations: View citations in EconPapers (4)

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