Technological Progress, Artificial Intelligence, and Inclusive Growth
IMF Working Papers, June 11, 2021
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- Technological Progress, Artificial Intelligence, and Inclusive Growth
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Bibliographic details
- Authors: Anton Korinek, Martin Schindler, Joseph Stiglitz
- Published: June 11, 2021
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781513583280.001
Summary
- Advances in artificial intelligence and automation have the potential to be labor-saving and to increase inequality and poverty around the globe.
- Advances in artificial intelligence and automation give rise to winner-takes-all dynamics that advantage highly skilled individuals and countries that are at the forefront of technological progress.
- The paper analyzes the economic forces behind these developments and delineates domestic economic policies to mitigate the adverse effects while leveraging the potential gains from technological advances.
- The paper proposes reforms to the global system of governance that make the benefits of advances in artificial intelligence more inclusive.
Major findings and analysis
- Artificial intelligence and automation can be labor-saving and contribute to increased inequality and poverty globally.
- Winner-takes-all dynamics emerge, advantaging highly skilled individuals and countries leading in technological progress.
- Economic forces behind these developments are examined to understand distributional and macroeconomic implications.
Policy recommendations and proposed reforms
- Delineate domestic economic policies to mitigate adverse effects of AI and automation while leveraging potential gains.
- Propose reforms to the global system of governance to make the benefits of advances in artificial intelligence more inclusive.
Subjects and keywords
- Subject: Artificial intelligence, Income, Labor, National accounts, Technological innovation, Technology
- Keywords: Artificial intelligence, C. intellectual property right, C. putting AI, competition Policy, East Asia, employment trend, export-led growth, Global, Income, Technological innovation
IMF Working Paper by Anton Korinek, Martin Schindler, and Joseph Stiglitz, June 11, 2021.
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- Working Paper