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The political economy of AI: Towards democratic control of the means of prediction

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  • Maximilian Kasy

Abstract

This chapter discusses the regulation of artificial intelligence (AI) from the vantage point of political economy, based on the following premises: (i) AI systems maximize a single, measurable objective. (ii) In society, different individuals have different objectives. AI systems generate winners and losers. (iii) Society-level assessments of AI require trading off individual gains and losses. (iv) AI requires democratic control of algorithms, data, and computational infrastructure, to align algorithm objectives and social welfare. I address several debates regarding the ethics and social impact of AI, including (i) fairness, discrimination, and inequality, (ii) privacy, data property rights, and data governance, (iii) value alignment and the impending robot apocalypse, (iv) explainability and accountability for automated decision-making, and (v) automation and the impact of AI on the labor market and on wage inequality. (Stone Center on Socio-Economic Inequality Working Paper)
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Suggested Citation

  • Maximilian Kasy, 2023. "The political economy of AI: Towards democratic control of the means of prediction," Economics Series Working Papers 1014, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:1014
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    Cited by:

    1. Burdin, Gabriel & Dughera, Stefano & Landini, Fabio & Belloc, Filippo, 2023. "Contested Transparency: Digital Monitoring Technologies and Worker Voice," GLO Discussion Paper Series 1340, Global Labor Organization (GLO).
    2. Maximilian Kasy, 2024. "Algorithmic bias and racial inequality: a critical review," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 40(3), pages 530-546.

    More about this item

    JEL classification:

    • P00 - Political Economy and Comparative Economic Systems - - General - - - General
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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