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Neglected Open Questions in the Economics of Artificial Intelligence

Summary:
That is my essay in the new NBER volume The Economics of Artificial Intelligence: An Agenda, edited by Ajay Agrawal, Joshua Gans, and Avi Goldfarb.  Here is one excerpt from my piece: These distribution effects [from more powerful AI] may be less egalitarian if hardware rather than software is the constraint for the next generation of AI.  Hardware is more likely to exhibit constant or rising costs, and that makes it more difficult for suppliers to charge lower prices to poorer buyers [price discrimination].  You might think it is obvious that future productivity gains will come in the software area — and maybe so — but the very best smart phones, such as IPhones, also embody significant innovations in the areas of materials.  A truly potent AI device might require portable hardware at

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That is my essay in the new NBER volume The Economics of Artificial Intelligence: An Agenda, edited by Ajay Agrawal, Joshua Gans, and Avi Goldfarb.  Here is one excerpt from my piece:

These distribution effects [from more powerful AI] may be less egalitarian if hardware rather than software is the constraint for the next generation of AI.  Hardware is more likely to exhibit constant or rising costs, and that makes it more difficult for suppliers to charge lower prices to poorer buyers [price discrimination].  You might think it is obvious that future productivity gains will come in the software area — and maybe so — but the very best smart phones, such as IPhones, also embody significant innovations in the areas of materials.  A truly potent AI device might require portable hardware at significant cost.  At this point we don’t know, but it would be unwise to assume that future innovations will be software-intensive to the same extent that recent innovations have been.

You can buy the book here, it has many notable contributors and other essays of interest.

The post Neglected Open Questions in the Economics of Artificial Intelligence appeared first on Marginal REVOLUTION.

Tyler Cowen
Tyler Cowen is an American economist, academic, and writer. He occupies the Holbert C. Harris Chair of economics as a professor at George Mason University and is co-author, with Alex Tabarrok, of the popular economics blog Marginal Revolution. Cowen and Tabarrok have also ventured into online education by starting Marginal Revolution University. He currently writes the "Economic Scene" column for the New York Times, and he also writes for such publications as The New Republic, the Wall Street Journal, Forbes, Newsweek, and the Wilson Quarterly.

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