The Impact of Artificial Intelligence on Economic Patterns

Lohani, Fazle and Rahman, Mostafizur and Shaturaev, Jakhongir (2023): The Impact of Artificial Intelligence on Economic Patterns. Published in: Portfolio , Vol. 4, No. 28 (30 March 2023): pp. 16-28.

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.

• Item Type: MPRA Paper
• Language: English
• Keywords: AI; labor classifications; methodological procedure; agent-principal conflict; economics of scale
• Subjects: D - Microeconomics > D0 - General; F - International Economics > F1 - Trade; F - International Economics > F1 - Trade > F16 - Trade and Labor Market Interactions; G - Financial Economics > G0 - General

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