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Published in:
2017 | OriginalPaper | Chapter
15. Future Work
Authors : Tshilidzi Marwala, Evan Hurwitz
Published in: Artificial Intelligence and Economic Theory: Skynet in the Market
Publisher: Springer International Publishing
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Abstract
This chapter concludes this book and summarizes the general direction of artificial intelligence and economics. It summarizes all the key concepts addressed in this book such as rational expectations and choice, bounded rationality, behavioral economics, information asymmetry, game theory, pricing, efficient market hypothesis, mechanism design, portfolio theory, rational counterfactuals, financial engineering and causality. Additionally, it evaluates how all these ideas are influenced by the advent of artificial intelligence. This chapter also studies the concept of decision making which is based on the principles of causality and correlation. Then it proposes a way of combining neoclassical, Keynesian and behavioral economics together with artificial intelligence to form a new economic theory. Furthermore, it postulates on how the interplay between advances in automation technologies and human attributes that can be automated determine a limit of the extent of automation in an economy or a firm.