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Artificial Intelligence, Globalization, and Strategies for Economic Development

Author

Listed:
  • Anton Korinek

    (Darden School of Business, University of Virginia)

  • Joseph E. Stiglitz

    (Columbia University)

Abstract

Progress in artificial intelligence and related forms of automation technologies threatens to reverse the gains that developing countries and emerging markets have experienced from integrating into the world economy over the past half century, aggravating poverty and inequality. The new technologies have the tendency to be labor-saving, resource-saving, and to give rise to winner-takes-all dynamics that advantage developed countries. We analyze the economic forces behind these developments and describe economic policies that would mitigate the adverse effects on developing and emerging economies while leveraging the potential gains from technological advances. We also describe reforms to our global system of economic governance that would share the benefits of AI more widely with developing countries.

Suggested Citation

  • Anton Korinek & Joseph E. Stiglitz, 2021. "Artificial Intelligence, Globalization, and Strategies for Economic Development," Working Papers Series inetwp146, Institute for New Economic Thinking.
    • Handle: RePEc:thk:wpaper:inetwp146
    DOI: 10.36687/inetwp146
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    JEL classification:

    • E64 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Incomes Policy; Price Policy
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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