Artificial Intelligence and Economic Theories

#ArtificialIntelligence and Economic Theories

  • Artificial Intelligence and Economic TheoriesAbstractThe advent of artificial intelligence has changed many disciplines such as engineering, social science and economics.
  • This book studies the impact of artificial intelligence on economic theories, a subject that has not been extensively studied.
  • The theories that are considered are: of this book is that it evaluates existing theories of economics and update them based on the developments in artificial intelligence field.
  • Despite what many Marxists claim, he never foretold the advent of artificial intelligence, otherwise he would probably have said ” Artificial intelligent machines of the world unite, you have nothing to lose but chains “.
  • The economy was by man and about man but the theories that explained the economy did not quite match the behaviour of a man.

The advent of artificial intelligence has changed many disciplines such as engineering, social science and economics. Artificial intelligence is a computational technique which is inspired by natural intelligence such as the swarming of birds, the working of the brain and the pathfinding of the ants. These techniques have impact on economic theories. This book studies the impact of artificial intelligence on economic theories, a subject that has not been extensively studied. The theories that are considered are: of this book is that it evaluates existing theories of economics and update them based on the developments in artificial intelligence field. 1.1 Introduction ” Workers of the world unite, you have nothing to lose but chains ” so said Karl Marx (Marx, 1849). Despite what many Marxists claim, he never foretold the advent of artificial intelligence, otherwise he would probably have said ” Artificial intelligent machines of the world unite, you have nothing to lose but chains “. But what Marx realized was that the principal agent of work is man. Man is the invisible hand that drives the economy as observed by Adam Smith (Smith, 2015). The economy was by man and about man but the theories that explained the economy did not quite match the behaviour of a man. For this reason the rational man is indeed irrational and his irrationality permeates every aspect of life including the very concept we call the economy. Homo-Sapiens have been around for hundred thousand years and throughout their existence and even from their forbearers have inherited certain traits and behaviours that influence them even today (Harari, 2014). Some of these traits and behaviours include greed, fear, bias and social structure. All these traits are still with us today because of one and only one reason and that it
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