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AI and Economic Governance: Navigating the Visible and Invisible Hands in a Digital Era

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  • Yu, Chen

Abstract

The advent of artificial intelligence (AI) has ushered in a new epoch in the realm of economic governance, challenging the traditional balance between government intervention (the visible hand) and market forces (the invisible hand). This article delves into the transformative potential of AI in reshaping economic policy and market dynamics. It begins by elucidating the historical roles of the visible and invisible hands in economic theory, setting the stage for an exploration of AI's burgeoning influence. The potential impacts of AI on central planning and resource allocation are examined, highlighting the opportunities for enhanced decision-making and the challenges posed by privacy concerns and automation bias. In the market sphere, AI's effect on consumer behavior, competition, and price mechanisms is scrutinized, alongside ethical considerations and the need for robust regulatory frameworks. The article then navigates the convergence of AI with economic governance, advocating for a balanced approach to government intervention and market freedom. Policy implications are discussed, proposing strategies for governments to leverage AI while upholding economic principles. The future outlook section anticipates AI's trajectory in economic decision-making and offers recommendations for stakeholders. The article concludes by emphasizing the importance of a responsible and informed engagement with AI in economic policymaking, calling for collaborative efforts to ensure AI's ethical integration into economic systems.

Suggested Citation

  • Yu, Chen, 2024. "AI and Economic Governance: Navigating the Visible and Invisible Hands in a Digital Era," OSF Preprints tvchw_v1, Center for Open Science.
    • Handle: RePEc:osf:osfxxx:tvchw_v1
    DOI: 10.31219/osf.io/tvchw_v1
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