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The AI Revolution: A New Paradigm of Economic Order

  • Henning Vöpel EMAIL logo
Published/Copyright: September 9, 2024
The Economists’ Voice
From the journal The Economists’ Voice Volume 21 Issue 2

Abstract

Artificial intelligence (AI) constitutes a new technological revolution that has far-reaching, somehow paradigmatic implications for the economy and as well as for the society – for good and for evil. Given the specific properties of artificial intelligence this article analyses the economic consequences of AI on productivity and growth, the distribution of income as well as on firms, markets, and competition. It argues that artificial intelligence is creating a new economic order that requires new approaches to economic policy and regulation. Issues of how to maintain competition, protect consumer rights, promote AI literacy and preserve ethical standards are at the center of a holistic AI governance.

Keywords: artificial intelligence; economic order; technological change; economic policy
JEL Classification: L10; L50; O33; O40
Corresponding author: Henning Vöpel, Center for European Policy, Berlin, Germany, E-mail:

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Received: 2024-08-07
Accepted: 2024-08-07
Published Online: 2024-09-09

© 2024 Walter de Gruyter GmbH, Berlin/Boston

Articles in the same Issue

  1. Frontmatter
  2. Editorial
  3. Editorial: Productivity Growth in the Age of AI
  4. Policy Papers (No Special Focus)
  5. Inflation and Fiscal Policy: Is There a Threshold Effect in the Fiscal Reaction Function?
  6. Whither the Walking Dead? The Consequences of Artificial Intelligence for Zombie Firms
  7. The Energy Transition and Its Macroeconomic Effects
  8. The Potential and Distributional Effects of CBAM Revenues as a New EU Own Resource
  9. Will Geopolitics Accelerate China’s Drive Towards De-Dollarization?
  10. The Political Economy of Academic Freedom
  11. Policy Forum: Productivity Growth in the Age of AI
  12. Macroeconomic Productivity Effects of Artificial Intelligence
  13. New Technologies: End of Work or Structural Change?
  14. The AI Revolution: A New Paradigm of Economic Order
  15. The Interplay of Humans, Technology, and Organizations in Realizing AI’s Productivity Promise
  16. How Can Artificial Intelligence Transform Asset Management?
  17. Is the EU’s AI Act Merely a Distraction from Europe’s Productivity Problem?
  18. AI in Europe – Is Regulation the Answer to Being a Laggard?
https://doi.org/10.1515/ev-2024-0054
Keywords for this article
artificial intelligence; economic order; technological change; economic policy

Articles in the same Issue

  1. Frontmatter
  2. Editorial
  3. Editorial: Productivity Growth in the Age of AI
  4. Policy Papers (No Special Focus)
  5. Inflation and Fiscal Policy: Is There a Threshold Effect in the Fiscal Reaction Function?
  6. Whither the Walking Dead? The Consequences of Artificial Intelligence for Zombie Firms
  7. The Energy Transition and Its Macroeconomic Effects
  8. The Potential and Distributional Effects of CBAM Revenues as a New EU Own Resource
  9. Will Geopolitics Accelerate China’s Drive Towards De-Dollarization?
  10. The Political Economy of Academic Freedom
  11. Policy Forum: Productivity Growth in the Age of AI
  12. Macroeconomic Productivity Effects of Artificial Intelligence
  13. New Technologies: End of Work or Structural Change?
  14. The AI Revolution: A New Paradigm of Economic Order
  15. The Interplay of Humans, Technology, and Organizations in Realizing AI’s Productivity Promise
  16. How Can Artificial Intelligence Transform Asset Management?
  17. Is the EU’s AI Act Merely a Distraction from Europe’s Productivity Problem?
  18. AI in Europe – Is Regulation the Answer to Being a Laggard?
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