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Economic Policy for Artificial Intelligence

Ajay Agrawal, Joshua Gans, Avi Goldfarb

Chapter in NBER book Innovation Policy and the Economy, Volume 19 (2019), Josh Lerner and Scott Stern, editors (p. 139 - 159)
Conference held April 17, 2018
Published in November 2018 by University of Chicago Press
© 2019 by the National Bureau of Economic Research
in NBER Book Series Innovation Policy and the Economy

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): https://doi.org/10.1086/699935

This chapter first appeared as NBER working paper w24690, Economic Policy for Artificial Intelligence, Ajay K. Agrawal, Joshua S. Gans, Avi Goldfarb
 
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