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The AI Revolution: A New Paradigm of Economic Order

Author

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  • Vöpel Henning

    (Center for European Policy, Berlin, Germany)

Abstract

Artificial intelligence (AI) constitutes a new technological revolution that has far-reaching, somehow paradigmatic implications for the economy and as well as for the society – for good and for evil. Given the specific properties of artificial intelligence this article analyses the economic consequences of AI on productivity and growth, the distribution of income as well as on firms, markets, and competition. It argues that artificial intelligence is creating a new economic order that requires new approaches to economic policy and regulation. Issues of how to maintain competition, protect consumer rights, promote AI literacy and preserve ethical standards are at the center of a holistic AI governance.

Suggested Citation

  • Vöpel Henning, 2024. "The AI Revolution: A New Paradigm of Economic Order," The Economists' Voice, De Gruyter, vol. 21(2), pages 345-355.
    • Handle: RePEc:bpj:evoice:v:21:y:2024:i:2:p:345-355:n:1009
    DOI: 10.1515/ev-2024-0054
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    More about this item

    Keywords

    artificial intelligence; economic order; technological change; economic policy;
    All these keywords.

    JEL classification:

    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L50 - Industrial Organization - - Regulation and Industrial Policy - - - General
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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