Munich Personal RePEc Archive

The Effects of Artificial Intelligence on the World as a Whole from an Economic Perspective

Sharma, Rahul (2021): The Effects of Artificial Intelligence on the World as a Whole from an Economic Perspective. Published in: Amity University Press , Vol. 3, No. 1 (17 October 2021): pp. 21-29.

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Artificial intelligence (AI) has made tremendous advances in recent years, and there is no doubt that this technology will have a significant impact on the overall economy in terms of productivity, growth, markets, as well as innovation. A growing number of perspectives on the impact of artificial intelligence (AI) are flooding the business press, but finding one that deals with the economic impact of AI in a unique and original way is becoming increasingly difficult. In terms of adoption rates, there has been quite an uneven adoption rate of AI and ML (artificial intelligence and machine learning) methods in the economics profession, as far as adoption rates are concerned, as far as AI and ML methods are concerned. Microeconomics is one of the most prominent fields in which artificial intelligence and machine learning are being used. As a result of the explosion of data collection, especially at the consumer level (companies such as Google for example), artificial intelligence and machine learning have become increasingly apparent and feasible. It has been observed that, due to the enormous amount of information that these models require in order to be useful, their application has been heavily concentrated in the field of microeconomics, which is a field that requires a vast amount of data in order to be useful.

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