Skip to main content Accessibility help

We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.

Close cookie message
×
  1. Home
  2. Search

Refine search

Refine search

Access:
Content type:
Publication date:
Apply   From and To filters
Subject: Show more
Journals Show more
Publishers: Show more
Societies Show more
Series: Show more
Collections: Show more

Actions for selected content:

Select all | Deselect all
  • View selected items
  • Export citations
  • Download PDF (zip)
  • Save to Kindle
  • Save to Dropbox
  • Save to Google Drive

Save Search

You can save your searches here and later view and run them again in "My saved searches".

Please provide a title, maximum of 40 characters.
Cancel
×

2 results

  • 5 - Artificial Intelligence, Growth, and Inequality

  • Wim Naudé, Rheinisch-Westfälische Technische Hochschule, Aachen, Germany, Thomas Gries, Universität Paderborn, Germany, Nicola Dimitri, Università degli Studi, Siena
  • Book:
    Artificial Intelligence
    Published online:
    23 May 2024
    Print publication:
    30 May 2024, pp 107-172

  • Summary

    In this chapter, we take the production function enriched with AI abilities from Chapter 4, and apply it to study the implications for progress in AI on growth and inequality. The crucial finding we discuss in this chapter is that understanding the nature of AI as narrow ML and its effect on key macroeconomic outcomes depends on having appropriate assumptions in growth models. In particular, we discuss the appropriateness of assuming, as most standard endogenous growth models today do, that economies are supply driven. If they are not supply driven, then demand constraints, which can arise from the diffusion of AI, may restrict growth. Through this, we show why expectations that AI will may lead to “explosive” economic growth is unlikely to materialize. We show that by considering the nature of AI as specific (and not general) AI and making appropriate assumptions that reflect the digital AI economy better, economic outcomes may be characterized by slow growth, rising inequality, and rather full employment – conditions that rather well describe economies in the West.