Artificial Intelligence and Nudging

Abstract

The introduction of artificial intelligence (AI) in our contemporary society imposes historically unique challenges for humankind. The emerging autonomy of AI holds unique potentials of eternal life of robots, AI, and algorithms alongside unprecedented economic superiority, data storage, and computational advantages. This chapter provides information on what impact AI taking over the workforce will have on economic growth. A theoretical background on standard neoclassical and heterodox economics growth theories will be given to then be empirically validated for economic growth in the digital century. Over a cross-sectional worldwide investigation as well as time series, empirical results find that Internet connectivity is associated with economic growth decline, which is explained by standard neoclassical growth theory not attributing digitalization-induced growth, e.g., big data analytics and internet information transfer on social media. The discussion closes with a future outlook on the law and economics of the AI entrance into our contemporary economies and society in order to aid a successful and humane introduction and blending in of AI into our world. Most novel insights on searchplace discrimination as the strategic manipulation of search engine results in competitive settings will be outlined and potential remedies for the sake of searchplace ethics envisioned.