The Impact of Artificial Intelligence on Economic Patterns

Fazle Lohani, Mostafizur Rahman and Jakhongir Shaturaev

MPRA Paper from University Library of Munich, Germany

Abstract: This article discusses five specific economic patterns influenced by AI: the emergence of the machina economica, the acceleration of the division of labor, the introduction of AI leading to triangular agency relationships, the recognition of data and AI-based machine labor as new factors of production, and the potential for market dominance and unintended external effects. This analysis is grounded in institutional economics and aims to integrate findings from relevant disciplines in economics and computer science. It is based on the research finding that institutional matters remain highly relevant in a world with AI, but AI introduces a new dimension to these matters. The discussion reveals a reinforcing interdependence among the patterns discussed and highlights the need for further research.

Keywords: AI; labor classifications; methodological procedure; agent-principal conflict; economics of scale (search for similar items in EconPapers)
JEL-codes: D0 F1 F16 G0 (search for similar items in EconPapers)
Date: 2023-01-10, Revised 2023-03-08
New Economics Papers: this item is included in nep-ain and nep-big
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Published in Portfolio 28.4(2023): pp. 16-28

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:118316

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