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

Author/Editor:

Mariarosaria Comunale ; Andrea Manera

Publication Date:

March 22, 2024

Electronic Access:

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Summary:

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.

Series:

Working Paper No. 2024/065

Subject:

Frequency:

regular

English

Publication Date:

March 22, 2024

ISBN/ISSN:

9798400268588/1018-5941

Stock No:

WPIEA2024065

Format:

Paper

Pages:

69

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