NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Economic Policy for Artificial Intelligence

Ajay K. Agrawal, Joshua S. Gans, Avi Goldfarb

NBER Working Paper No. 24690
Issued in June 2018
NBER Program(s):Productivity, Innovation, and Entrepreneurship

Recent progress in artificial intelligence (AI) – a general purpose technology affecting many industries - has been focused on advances in machine learning, which we recast as a quality-adjusted drop in the price of prediction. How will this sharp drop in price impact society? Policy will influence the impact on two key dimensions: diffusion and consequences. First, in addition to subsidies and IP policy that will influence the diffusion of AI in ways similar to their effect on other technologies, three policy categories - privacy, trade, and liability - may be uniquely salient in their influence on the diffusion patterns of AI. Second, labor and antitrust policies will influence the consequences of AI in terms of employment, inequality, and competition.

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Document Object Identifier (DOI): 10.3386/w24690

Forthcoming: Economic Policy for Artificial Intelligence, Ajay Agrawal, Joshua Gans, Avi Goldfarb. in Innovation Policy and the Economy, Volume 19, Lerner and Stern. 2018

 
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