IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/118316.html
   My bibliography  Save this paper

The Impact of Artificial Intelligence on Economic Patterns

Author

Listed:
  • Lohani, Fazle
  • Rahman, Mostafizur
  • Shaturaev, Jakhongir

Abstract

This article discusses five specific economic patterns influenced by AI: the emergence of the machina economica, the acceleration of the division of labor, the introduction of AI leading to triangular agency relationships, the recognition of data and AI-based machine labor as new factors of production, and the potential for market dominance and unintended external effects. This analysis is grounded in institutional economics and aims to integrate findings from relevant disciplines in economics and computer science. It is based on the research finding that institutional matters remain highly relevant in a world with AI, but AI introduces a new dimension to these matters. The discussion reveals a reinforcing interdependence among the patterns discussed and highlights the need for further research.

Suggested Citation

  • Lohani, Fazle & Rahman, Mostafizur & Shaturaev, Jakhongir, 2023. "The Impact of Artificial Intelligence on Economic Patterns," MPRA Paper 118316, University Library of Munich, Germany, revised 08 Mar 2023.
    • Handle: RePEc:pra:mprapa:118316
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/118316/1/The%20Impact%20of%20AI.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Emon Kalyan Chowdhury, 2022. "Disastrous consequence of coronavirus pandemic on the earning capacity of individuals: an emerging economy perspective," SN Business & Economics, Springer, vol. 2(10), pages 1-16, October.
    2. Emon Kalyan Chowdhury & Shafaitun Nahar, 2017. "Perceptions of Accountants toward Sustainability Development Practices in Bangladesh," Journal of Management and Sustainability, Canadian Center of Science and Education, vol. 7(3), pages 112-119, September.
    3. Emon Kalyan Chowdhury, 2022. "Strategic approach to analyze the effect of Covid-19 on the stock market volatility and uncertainty: a first and second wave perspective," Journal of Capital Markets Studies, Emerald Group Publishing Limited, vol. 6(3), pages 225-241, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Chowdhury, Emon Kalyan, 2022. "Reaction of Stock Market to Covid-19: A South Asian Perspective," MPRA Paper 118147, University Library of Munich, Germany, revised 31 Mar 2022.
    2. Hasan, Amena & Nahar, Kamrun & Akhter, Suraiya, 2024. "Cryptocurrency Scams: A Multi-Pronged Approach to Mitigating Risks Through Regulation, Enforcement, and Consumer Education," MPRA Paper 121215, University Library of Munich, Germany, revised 31 Jan 2024.
    3. Chowdhury, Emon, 2023. "The Impact of Commodity Market on the Economy of Developing Countries," MPRA Paper 119462, University Library of Munich, Germany, revised 05 Dec 2023.
    4. Chowdhury, Emon Kalyan, 2023. "Impact of Blockchain on Stock Market," MPRA Paper 118189, University Library of Munich, Germany, revised 15 Feb 2023.
    5. Murthi, Srinivash & Zhang, Wen & Shaturaev, Jakhongir, 2023. "Role of Tourism in Ensuring Gender Equity: An Asian Perspective," MPRA Paper 118486, University Library of Munich, Germany, revised 15 Jun 2023.
    6. Joise, Topu & Goenka, Narsimha & Wangyel, Sangay & Shaturaev, Jakhongir, 2023. "Transforming Mobility Exploring the Impact and Challenges of Intelligent Transportation Systems in Asia," MPRA Paper 118994, University Library of Munich, Germany, revised 11 Sep 2023.
    7. Patel, Rajesh & Khan, Fatima & Silva, Buddhika & Shaturaev, Jakhongir, 2023. "Unleashing the Potential of Artificial Intelligence in Auditing: A Comprehensive Exploration of its Multifaceted Impact," MPRA Paper 119616, University Library of Munich, Germany, revised 05 Dec 2023.
    8. Hasan, Kamrul & Shaturaev, Jakhongir, 2022. "Unleashing the Power of Technology: Fueling Entrepreneurship Development Through Innovation," MPRA Paper 118282, University Library of Munich, Germany, revised 10 Feb 2023.
    9. Islam, Ayub & Chowdhury, Emon Kalyan, 2023. "Investors’ Attitude toward Stock Market Risk-A Chittagong Perspective," MPRA Paper 118140, University Library of Munich, Germany, revised 09 May 2023.
    10. Chowdhury, Emon Kalyan, 2024. "Dual Disruptions: An Evaluation of the Economic Fallout from the COVID-19 Pandemic and Russia-Ukraine Conflict on Bangladesh's Economy and Stock Market," MPRA Paper 120762, University Library of Munich, Germany, revised 18 Apr 2024.
    11. Chowdhury, Emon Kalyan, 2024. "Capital Market Governance in Bangladesh: A Cornerstone for Growth," MPRA Paper 121664, University Library of Munich, Germany, revised 04 May 2024.
    12. Uluyol, Burhan & Hui Pu, Suan & Shaturaev, Jakhongir & Kanaparan, Geetha, 2023. "Cracking the Code of Market Secrets: A Deep Dive into Financial Anomalies," MPRA Paper 119039, University Library of Munich, Germany, revised 05 Oct 2023.
    13. Silva, Buddhika & Hasan, Amena, 2023. "Beyond the Glass Ceiling: How Women Leaders Drive Innovation and Performance in Top Management," MPRA Paper 120388, University Library of Munich, Germany, revised 13 Oct 2023.
    14. Hasan, Amena, 2023. "Amalgamation of Commercial Banks in Bangladesh: A Study on its Impact and Implications," MPRA Paper 120830, University Library of Munich, Germany, revised 10 Mar 2024.
    15. Shaturaev, Jakhongir, 2023. "Is Your Portfolio Free from Coronavirus?," MPRA Paper 118196, University Library of Munich, Germany, revised 27 Jan 2023.
    16. Shaturaev, Jakhongir, 2023. "Impact of Covid-19 on stock market volatility-A Bangladesh Perspective," MPRA Paper 118207, University Library of Munich, Germany, revised 10 Mar 2023.
    17. Hasan, Amena & Dowla, Asif-Ud & Tarannum, Ramisa, 2024. "Financial Inclusion and Economic Growth in Developing Nations: A Case Study of Bangladesh," MPRA Paper 120213, University Library of Munich, Germany, revised 08 Feb 2024.
    18. Khanam, Rifat Binte & Rabeya, Jannatul Ferdous & Hasan, Amena, 2024. "Building Trust, Fueling Growth: The Cornerstone Role of Capital Market Governance in Bangladesh," MPRA Paper 121449, University Library of Munich, Germany, revised 08 May 2024.
    19. Chowdhury, Emon Kalyan, 2019. "Use of Artificial Intelligence in Stock Trading," MPRA Paper 118175, University Library of Munich, Germany, revised 18 Apr 2019.
    20. Huda, Md Nazmul & Hossain, Sayed Mohammad Athar & Shaturaev, Jakhongir, 2023. "Effect of Commodity Exchange on the Economy- Prospects and Challenges," MPRA Paper 118331, University Library of Munich, Germany, revised 14 Mar 2023.

    More about this item

    Keywords

    AI; labor classifications; methodological procedure; agent-principal conflict; economics of scale;
    All these keywords.

    JEL classification:

    • D0 - Microeconomics - - General
    • F1 - International Economics - - Trade
    • F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
    • G0 - Financial Economics - - General

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:118316. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.