Economic effects of the implementation of «artificial intelligence» technologies

2021 ◽  
pp. 8-25
Author(s):  
Boris Ivanovskiy ◽  
Keyword(s):  
Artificial Intelligence ◽  
Economic Growth ◽  
Labor Market ◽  
Economic Effects ◽  
Global Economic Growth

The paper considers definitions of the concept of «artificial intelligence». Analyzes the influence of artificial intelligence technologies on global economic growth, the labor market, and also the financial sphere. Shows the positive aspects and the threats caused by their introduction into the economy.

scholarly journals Ensuring sustainable growth based on the artificial intelligence analysis and forecast of in-demand skills

2020 ◽  
Vol 208 ◽  
pp. 03060
Author(s):  
Alena Vankevich ◽  
Iryna Kalinouskaya
Keyword(s):  
Artificial Intelligence ◽  
Economic Growth ◽  
Labor Market ◽  
Education System ◽  
The State ◽  
Sustainable Growth ◽  
Intelligence Analysis ◽  
Methods Of Analysis ◽  
Reliable Source ◽  
Sustainable Economic Growth

Sustainable economic growth requires a system for forecasting the in-demand skills and competencies. The existing methods of analysis and forecasting of the labor market use truncated databases based on surveys of employers or registered vacancies on the state portal, which do provide reliable forecasts of the required competencies for the education system to ensure their timely formation. It is also impossible to analyze the need in terms of competencies, and not the number of employees. Therefore, a more reliable source of data is the analysis of vacancies and resumes collected by scraping from online job portals, which allows you to analyze vacancies and resumes in the context of the described competencies, and develop a forecast of their dynamics. The article presents an algorithm for using artificial intelligence in the analysis and forecasting of skills and competencies in demand, the advantages of which lie not only in the volume and speed of the processed information, but also in ensuring the quality and comparability of data.

scholarly journals Artificial Intelligence and Economic Growth: A Theoretical Framework

2021 ◽  
Vol 68 (4) ◽  
pp. 421-443
Author(s):  
Lei Wang ◽  
Provash Sarker ◽  
Kausar Alam ◽  
Shahneoaj Sumon
Keyword(s):  
Artificial Intelligence ◽  
Economic Growth ◽  
Aging Population ◽  
Theoretical Framework ◽  
Policy Implications ◽  
Production Factor ◽  
Labor Share ◽  
Adoption And Diffusion ◽  
Global Economic Growth ◽  
And Diffusion

The growing adoption of Artificial Intelligence (AI) has sparked ubiquitous concerns worldwide. Artificial intelligence can affect economic growth and employment. The influence is assumed to be substantial because the adoption of AI technology may lead to increased productivity, lower wages, prices, and labor substitution. Artificial intelligence can affect global economic growth with its widespread adoption and diffusion. We mathematically examined the effects of AI on economic growth, reiterating how AI is unique as a production factor. The models show that AI capital lowers capital prices, increases wages, and augments productivity. Besides, AI capital positively affects the labor share and vice versa, provided that AI and labor are complementary. We improved a task-based model to show AI raises both labor share and wages by generating new tasks. We also present the potential policy implications of AI adoption. We conclude AI can contribute to economic growth. Labor-abundant countries should adopt labor-augmenting technology, while countries with an aging population can adopt capital-augmenting technology. However, caution should be exercised in ensuring that the models are leveraged optimally.

Implications of higher retirement age for the labor market

2017 ◽  
pp. 22-39 ◽  
Author(s):  
M. Ivanova ◽  
A. Balaev ◽  
E. Gurvich
Keyword(s):  
Economic Growth ◽  
Labor Market ◽  
Labor Supply ◽  
Labor Force ◽  
Labor Demand ◽  
Retirement Age ◽  
Demographic Trends ◽  
Men And Women ◽  
Demographic Projections ◽  
The Impact

The paper considers the impact of the increase in retirement age on labor supply and economic growth. Combining own estimates of labor participation and demographic projections by the Rosstat, the authors predict marked fall in the labor force (by 5.6 million persons over 2016-2030). Labor demand is also going down but to a lesser degree. If vigorous measures are not implemented, the labor force shortage will reach 6% of the labor force by the period end, thus restraining economic growth. Even rapid and ambitious increase in the retirement age (by 1 year each year to 65 years for both men and women) can only partially mitigate the adverse consequences of demographic trends.

Gender Gaps in the Labor Market and Economic Growth

2018 ◽  
Author(s):  
Pierre-Richard Agenor ◽  
Kamer Karakurum Ozdemir ◽  
Emmanuel Pinto Moreira
Keyword(s):  
Economic Growth ◽  
Labor Market ◽  
Gender Gaps
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