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Artificial Intelligence: Economic Impact, Opportunities, Challenges, Implications for Policy

Author

Listed:
  • Wouter Simons
  • Alessandro Turrini
  • Lara Vivian

Abstract

This discussion paper presents the key features of Artificial Intelligence (AI), highlighting the main differences with respect to previous IT and digital technologies. It presents the most relevant facts about AI diffusion across EU countries, and discusses the main economic implications, focusing especially on its impact on productivity and labour markets. While AI presents a formidable opportunity, it also entails major challenges, with implications for policy. This paper focuses on policies to remove bottlenecks to AI development and adoption, regulatory policies, competition policy, policies to deal with labour market and distributive implications.

Suggested Citation

  • Wouter Simons & Alessandro Turrini & Lara Vivian, 2024. "Artificial Intelligence: Economic Impact, Opportunities, Challenges, Implications for Policy," European Economy - Discussion Papers 210, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    • Handle: RePEc:euf:dispap:210
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    File URL: https://economy-finance.ec.europa.eu/publications/artificial-intelligence-economic-impact-opportunities-challenges-implications-policy_en
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    More about this item

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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