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Effects of Artificial Intelligence on Economic Growth

There are many advances that have been made on information technology but artificial intelligence seems to be sending shock waves.

Volumes of papers have been published on the Economics of Artificial Intelligence. This has been defined as a general purpose technology. It’s not focused on any one area or field. That makes it very powerful.

The driverless vehicles we hear about are driven by AI. Translation software is yet another example where Artificial Intelligence on Economic Growth is being successfully applied.

New technology can sometimes take a long time to get fully adopted by the consumers. For instance, Paul David, an economic historian pointed out in his essay that huge electricity dynamos were available for use as far back as in 1870s. Despite their availability, they only got used on a serious scale in 1900 during the Paris World Fair.

This is a clear sign that mega economic adjustments takes ages. Authors of a research paper on artificial intelligence (Rock, Brynjolfsson and Syverson) have discovered that artificial intelligence and machine learning are poised to transform our economic systems in the near future.

Soon we will have artificial intelligence economy. This will come at a cost. The nations which will be quick to adopt and use these new technologies will have a booming economy. That is it on Artificial Intelligence on Economic Growth.

Source: Timothy Taylor of conversable economist.

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