Van de Gevel A., Noussair C.N. The Nexus between Artificial Intelligence and Economics

Springer, 2013. — 122 p.
Abstract
We review recent developments in artificial intelligence and relate them to economics. Artificial intelligence represents the technology most likely to lead to a singularity, an infinite rate of innovation and productivity growth. This could occur via dramatic increases in life expectancy, the development of whole brain emulation, and innovations in robotics. We argue that there is no reason to believe that artificial intelligence would increase human happiness. We describe some recent development in agent-based modeling in economics, which can be interpreted as the introduction of artificially intelligent agents into economics. We argue that classical economic theory, which assumes that all agents are rational and have infinite computational ability, is very relevant in describing the behavior of future artificially intelligent entities. Economic implications of accelerating innovation, greater longevity, and the introduction of robot labor are considered.