The Economic Impacts and the Regulation of AI: A Review of the Academic Literature and Policy Actions

Download or read book The Economic Impacts and the Regulation of AI: A Review of the Academic Literature and Policy Actions written by Mariarosaria Comunale and published by International Monetary Fund. This book was released on 2024-03-22 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: We review the literature on the effects of Artificial Intelligence (AI) adoption and the ongoing regulatory efforts concerning this technology. Economic research encompasses growth, employment, productivity, and income inequality effects, while regulation covers market competition, data privacy, copyright, national security, ethics concerns, and financial stability. We find that: (i) theoretical research agrees that AI will affect most occupations and transform growth, but empirical findings are inconclusive on employment and productivity effects; (ii) regulation has focused primarily on topics not explored by the academic literature; (iii) across countries, regulations differ widely in scope and approaches and face difficult trade-offs.