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The Impact of Digitalization on the Economy: A Review Article on the NBER Volume "Economics of Artificial Intelligence: An Agenda"

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  • Eric Santor

Abstract

Digitalization is affecting every aspect of our economy and our society. A set of new technologies are behind this latest surge - robotic process automation, artificial intelligence (AI) and machine learning (ML), big data, cloud computing, the internet of things and blockchain. This volume, \textit{The Economics of Artificial Intelligence}, focuses on the impact, real and prospective, of machine learning (ML), on the economy. The authors tackle a wide range of topics, including how it is impacting innovation, the consequences for employment and economic growth, issues related to privacy, international trade and ultimately, how AI will affect the economics discipline itself. The contributors, overall, take a positive view of the impact of AI on economic outcomes. They also acknowledge, however, that policies related to redistribution, privacy and competition are needed to ensure that the benefits of digitalization are shared appropriately.

Suggested Citation

  • Eric Santor, 2020. "The Impact of Digitalization on the Economy: A Review Article on the NBER Volume "Economics of Artificial Intelligence: An Agenda"," International Productivity Monitor, Centre for the Study of Living Standards, vol. 39, pages 81-90, Fall.
    • Handle: RePEc:sls:ipmsls:v:39:y:2020:6
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    More about this item

    Keywords

    Digitalization; artificial intelligence; economy;
    All these keywords.

    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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