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2022 | OriginalPaper | Buchkapitel

Artificial Intelligence: Productivity Growth and the Transformation of Capitalism

verfasst von : Ekkehard Ernst

Erschienen in: Platforms and Artificial Intelligence

Verlag: Springer International Publishing

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Abstract

Artificial intelligence is sought to have transformative power of modern economies. This chapter discusses various aspects of this transformation, at the job, firm and macro-economic level and analyses how these changes affect the extent to which AI-based tools can trigger faster growth in productivity. It analyses why productivity has not accelerated yet, despite the exponential growth in the field of AI over the past decade. The paper makes a distinction between innovation and adoption and shows how rising inequality is both the result of a shift to AI technologies and a reason for slow adoption. The paper also provides an overview of various policy options to address the issues identified in this paper, ranging from social protection to competition policies that are necessary to address both frictions related to job reallocation and rising inequality.

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Vorheriges Kapitel Comparing the Methodology for the Development and Project Management of Artificial Intelligence Systems
Nächstes Kapitel What Artificial Intelligence Can Do and What It Cannot Do
Fußnoten
4
In epidemiological terms, the diffusion process follows a sigmoid function that shows exponential rates of change at the beginning and decreasing rates of scale towards the end.
 
6
As pointed out by Manning (2003), the drop in job-to-job transitions is also an indication of increasing firm power as poaching has become harder and workers are restricted in their capacity to job hopping.
 
8
The International Institute for Management Development (IMD) publishes a smart city index that shows how much progress different cities have made in applying smart-city technologies: https://​www.​imd.​org/​smart-city-observatory/​smart-city-index/​
 
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Metadaten
Titel
Artificial Intelligence: Productivity Growth and the Transformation of Capitalism
verfasst von
Ekkehard Ernst
Copyright-Jahr
2022
Buch
Platforms and Artificial Intelligence

Print ISBN: 978-3-030-90191-2

Electronic ISBN: 978-3-030-90192-9

Copyright-Jahr: 2022

DOI
https://doi.org/10.1007/978-3-030-90192-9_7

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