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Artificial Intelligence in the Field of Economics

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  • Steve J. Bickley
  • Ho Fai Chan
  • Benno Torgler

Abstract

The history of AI in economics is long and winding, much the same as the evolving field of AI itself. Economists have engaged with AI since its beginnings, albeit in varying degrees and with changing focus across time and places. In this study, we have explored the diffusion of AI and different AI methods (e.g., machine learning, deep learning, neur al networks, expert systems, knowledge- based systems) through and within economic subfields, taking a scientometrics approach. In particular, we centre our accompanying discussion of AI in economics around the problems of economic calculation and social planning as proposed by Hayek. To map the history of AI within and between economic sub- fields, we construct two datasets containing bibliometrics information of economics papers based on search query results from the Scopus database and the EconPapers (and IDEAs/RePEc) repository. We present descriptive results that map the use and discussion of AI in economics over time, place, and subfield. In doing so, we also characterise the authors and affiliations of those engaging with AI in economics. Additionally, we find positive correlations between quality of institutional affiliation and engagement with or focus on AI in economics and negative correlations between the Human Development Index and share of learning-based AI papers.

Suggested Citation

  • Steve J. Bickley & Ho Fai Chan & Benno Torgler, 2021. "Artificial Intelligence in the Field of Economics," CREMA Working Paper Series 2021-28, Center for Research in Economics, Management and the Arts (CREMA).
    • Handle: RePEc:cra:wpaper:2021-28
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    Cited by:

    1. Luca Grilli & Sergio Mariotti & Riccardo Marzano, 2024. "Artificial intelligence and shapeshifting capitalism," Journal of Evolutionary Economics, Springer, vol. 34(2), pages 303-318, April.
    2. Estrada, Mario Arturo Ruiz & Park, Donghyun & Staniewski, Marcin, 2023. "Artificial Intelligence (AI) can change the way of doing policy modelling," Journal of Policy Modeling, Elsevier, vol. 45(6), pages 1099-1112.
    3. Heikkilä, Jussi T. S., 2022. "Journal of Economic Literature codes classification system (JEL)," EconStor Preprints 261388, ZBW - Leibniz Information Centre for Economics.

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    More about this item

    Keywords

    Artificial Intelligence; Machine Learning; Economics; Scientometrics; Science of Science; Bibliometrics;
    All these keywords.

    JEL classification:

    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • N01 - Economic History - - General - - - Development of the Discipline: Historiographical; Sources and Methods
    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics

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