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Artificial intelligence in the field of economics

Author

Listed:
  • Steve J. Bickley

    (Queensland Uaniversity of Technology
    Centre for Behavioural Economics, Society and Technology (BEST))

  • Ho Fai Chan

    (Queensland Uaniversity of Technology
    Centre for Behavioural Economics, Society and Technology (BEST))

  • Benno Torgler

    (Queensland Uaniversity of Technology
    Centre for Behavioural Economics, Society and Technology (BEST)
    CREMA – Centre for Research in Economics, Management, and the Arts)

Abstract

The history of AI in economics is long and winding, much the same as the evolving field of AI itself. Economists have engaged with AI since its beginnings, albeit in varying degrees and with changing focus across time and places. In this study, we have explored the diffusion of AI and different AI methods (e.g., machine learning, deep learning, neural networks, expert systems, knowledge-based systems) through and within economic subfields, taking a scientometrics approach. In particular, we centre our accompanying discussion of AI in economics around the problems of economic calculation and social planning as proposed by Hayek. To map the history of AI within and between economic sub-fields, we construct two datasets containing bibliometrics information of economics papers based on search query results from the Scopus database and the EconPapers (and IDEAs/RePEc) repository. We present descriptive results that map the use and discussion of AI in economics over time, place, and subfield. In doing so, we also characterise the authors and affiliations of those engaging with AI in economics. Additionally, we find positive correlations between quality of institutional affiliation and engagement with or focus on AI in economics and negative correlations between the Human Development Index and share of learning-based AI papers.

Suggested Citation

  • Steve J. Bickley & Ho Fai Chan & Benno Torgler, 2022. "Artificial intelligence in the field of economics," Scientometrics, Springer;Akadémiai Kiadó, vol. 127(4), pages 2055-2084, April.
    • Handle: RePEc:spr:scient:v:127:y:2022:i:4:d:10.1007_s11192-022-04294-w
    DOI: 10.1007/s11192-022-04294-w
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    Cited by:

    1. Jussi T. S. Heikkila, 2022. "Journal of Economic Literature codes classification system (JEL)," Papers 2207.06076, arXiv.org.

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    More about this item

    Keywords

    Artificial intelligence; Machine learning; Economics; Scientometrics; Science of science; Bibliometrics;
    All these keywords.

    JEL classification:

    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • N01 - Economic History - - General - - - Development of the Discipline: Historiographical; Sources and Methods
    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics

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