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Should Economists Be More Concerned About Artificial Intelligence?
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Should Economists Be More Concerned About Artificial Intelligence?

Mauricio Armellini and Tim Pike
Bank of England, 2017
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Recommendation

Are robots going to take over the world? How about your job? While that might sound farfetched today, anything is possible, given the massive onslaught of computing power and artificial intelligence (AI) technologies. Economists Mauricio Armellini and Tim Pike voice their concerns that, based on the past adoption of such innovations as railroads and printing presses, economists are underestimating the risk that AI could stoke massive unemployment and social unrest. getAbstract suggests this brief but enlightening write-up to economists, investors and executives interested in a broad outline of the possible economic disruption AI could bring.

Summary

The Fourth Industrial Revolution is here, and its technologies, based on artificial intelligence (AI), threaten to change multiple industries. Some observers are sanguine that, as with previous episodes of technological upheaval, this one will not bring about massive unemployment because workers can take on new roles. These researchers assert that technological change boosts economic output and results in a net addition to employment. For instance, as the manufacturing sector lost jobs, more positions arose, mostly in service industries. If robots replace human workers in some roles, more opportunities will emerge...

About the Authors

Mauricio Armellini and Tim Pike are economists at the Bank of England. 

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