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Artificial Intelligence and Economic Growth: A Theoretical Framework
Scientific Annals of Economics and Business Pub Date : 2021-11-26 , DOI: 10.47743/saeb-2021-0027
Lei Wang , Provash Sarker , Kausar Alam , Shahneoaj Sumon

The growing adoption of Artificial Intelligence (AI) has sparked ubiquitous concerns worldwide. Artificial intelligence can affect economic growth and employment. The influence is assumed to be substantial because the adoption of AI technology may lead to increased productivity, lower wages, prices, and labor substitution. Artificial intelligence can affect global economic growth with its widespread adoption and diffusion. We mathematically examined the effects of AI on economic growth, reiterating how AI is unique as a production factor. The models show that AI capital lowers capital prices, increases wages, and augments productivity. Besides, AI capital positively affects the labor share and vice versa, provided that AI and labor are complementary. We improved a task-based model to show AI raises both labor share and wages by generating new tasks. We also present the potential policy implications of AI adoption. We conclude AI can contribute to economic growth. Labor-abundant countries should adopt labor-augmenting technology, while countries with an aging population can adopt capital-augmenting technology. However, caution should be exercised in ensuring that the models are leveraged optimally.

中文翻译:

人工智能与经济增长:理论框架

人工智能 (AI) 的日益普及在全球范围内引发了普遍的担忧。人工智能可以影响经济增长和就业。这种影响被认为是巨大的,因为采用人工智能技术可能会提高生产力、降低工资、价格和劳动力替代。人工智能可以通过其广泛采用和传播来影响全球经济增长。我们用数学方法检验了人工智能对经济增长的影响,重申了人工智能作为生产要素的独特之处。这些模型表明,人工智能资本可以降低资本价格、提高工资并提高生产力。此外,只要人工智能和劳动力互补,人工智能资本就会对劳动力份额产生积极影响,反之亦然。我们改进了基于任务的模型,以显示 AI 通过生成新任务来提高劳动份额和工资。我们还介绍了采用人工智能的潜在政策影响。我们得出结论,人工智能可以促进经济增长。劳动力丰富的国家应该采用劳动力增长技术,而人口老龄化的国家可以采用资本增长技术。但是,在确保模型得到最佳利用时应谨慎行事。
更新日期:2021-11-26
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