The economic policy development has two elements - structured or standardized policy research processes and non-structured processes where human judgment plays a role.
The processes that are standardized can be automated which can then be managed by AI applications resulting in these tasks being undertaken in a pro-active and on a real-time basis. On the other hand the processes that are non-standardized are highly biased due to human intervention (because of political, social and other kind of human affinities). If AI takes over these non-structured processed there can be unbiased economic policy development.
Overall, it seems AI can be an effective tool in making economic policy development a rational, effective and sustainable process with minimal or no human intervention.
Dear Pasha,
It is a nice question indeed. Read the paper below.
Francois, P. (2018). Comment on" Artificial Intelligence and Economic Growth". In Economics of Artificial Intelligence. University of Chicago Press.
Dear Pasha,
It is a nice question indeed. Read the paper below.
Francois, P. (2018). Comment on" Artificial Intelligence and Economic Growth". In Economics of Artificial Intelligence. University of Chicago Press.
Hi Sobhan... Thanks for the paper. Actually i am interested in exploring how AI will work in improving economic policy development rather than AI impact on economic growth (which looks at how different industries can be improved by application of AI and thereby impacting the economic growth rates) and not on economic policy development per se. It is quite interesting to imagine what will happen if AI will develop our economic policy (where economic policy covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labor market, national ownership, and many other areas of government interventions into the economy). It should likely be one of the ingredients of corruption-free economies?
http://scipol.duke.edu/content/artificial-intelligence-automation-and-economy
https://www.brookings.edu/blog/techtank/2018/04/18/will-robots-and-ai-take-your-job-the-economic-and-political-consequences-of-automation/
https://www.brookings.edu/blog/techtank/2015/10/26/how-robots-artificial-intelligence-and-machine-learning-will-affect-employment-and-public-policy/
https://futurism.com/artificial-intelligence-is-our-future-but-will-it-save-or-destroy-humanity/
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