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In the context of a large class of stochastic processes used to describe the dynamics of wealth growth, we prove a set of inequalities establishing necessary and sufficient conditions in order to avoid infinite wealth concentration. These…
Generative AI based art has proliferated in the past year, with increasingly impressive use cases from generating fake human faces to the creation of systems that can generate thousands of artistic images from text prompts - some of these…
Humanity is progressing towards automated product development, a trend that promises faster creation of better products and thus the acceleration of technological progress. However, increasing reliance on non-human agents for this process…
We develop a theory of demand economics for an era of material abundance. The binding constraint on growth has shifted from insufficient aggregate demand to inadequate demand-tier upgrading. Our result is that, the new engine of growth lies…
The efficient market hypothesis (EMH) famously stated that prices fully reflect the information available to traders. This critically depends on the transfer of information into prices through trading strategies. Traders optimise their…
We have studied here the self-organising features of the dynamics of a model market, where the agents `trade' for a single commodity with their money. The model market consists of fixed numbers of economic agents, money supply and…
Collusion in market pricing is a concept associated with human actions to raise market prices through artificially limited supply. Recently, the idea of algorithmic collusion was put forward, where the human action in the pricing process is…
Recent advances in artificial intelligence (AI) have led to a wide range of predictions about its long-term impact on humanity. A central focus is the potential emergence of transformative AI (TAI), eventually capable of outperforming…
Using a model in which agents compete to develop a potentially dangerous new technology (AI), we study how changes in the pricing of factors of production (computational resources) affect agents' strategies, particularly their spending on…
A standard growth model is modified in a straightforward way to incorporate what Keynes (1936) suggests in the "essence" of his general theory. The theoretical essence is the idea that exogenous changes in investment cause changes in…
The implications of technological innovation for sustainability are becoming increasingly complex with information technology moving machines from being mere tools for production or objects of consumption to playing a role in economic…
This paper examines the systemic risks posed by incremental advancements in artificial intelligence, developing the concept of `gradual disempowerment', in contrast to the abrupt takeover scenarios commonly discussed in AI safety. We…
Generative AI does more than cut costs. It pulls products toward a shared template, making offerings look and feel more alike while making true originality disproportionately expensive. We capture this centripetal force in a standard…
The rise of artificial intelligence (A.I.) based systems is already offering substantial benefits to the society as a whole. However, these systems may also enclose potential conflicts and unintended consequences. Notably, people will tend…
This study looks at how generative artificial intelligence (AI) can revolutionize marketing, product development, and research. It discusses the latest developments in the field, easy-to-use resources, and moral and social hazards. In…
Training advanced AI models requires large investments in computational resources, or compute. Yet, as hardware innovation reduces the price of compute and algorithmic advances make its use more efficient, the cost of training an AI model…
The distribution of efficient individuals in the economy and the efforts that they will put in if they are hired, there are two important concerns for a technologically advanced firm. wants to open a new branch. The firm does not have…
In this paper, I endeavour to construct a new model, by extending the classic exogenous economic growth model by including a measurement which tries to explain and quantify the size of technological innovation ( A ) endogenously. I do not…
The potential impact of automation on the labor market is a topic that has generated significant interest and concern amongst scholars, policymakers, and the broader public. A number of studies have estimated occupation-specific risk…
Generative artificial intelligence (AI) systems have transformed various industries by autonomously generating content that mimics human creativity. However, concerns about their social and economic consequences arise with widespread…