The tercentenary of Adam Smith’s birth is an opportunity to consider how his insights into the dynamics of economic growth will shape our understanding of a world with AI.
To ensure that artificial intelligence delivers widely shared benefits, we must heed the lessons of the last wave of digital innovation.
Policymakers must prevent this nascent artificial intelligence market from becoming dominated by a handful of giant private companies.
Today’s supply-chain policy challenges are a consequence of forgetting that other considerations besides economic efficiency matter.
Policymakers must now acknowledge that healthy markets require competition among different business models, and regulatory intervention is needed to achieve this.
The core idea of a new GDP metric is to create a comprehensive balance sheet to demonstrate that economic progress today is illusory when it comes at the expense of future living standards.
Will these supply shocks prove merely a temporary disruption to the global economy or are we witnessing a meltdown of the world-wide production system?
Dramatic changes such as climate change, disease outbreaks and food shortages are occurring and we must hope that it is not yet too late to address them.
But before we entrust more decisions to data-based machine-learning and AI systems, we must be clear about the limitations of the data.
Recent congressional antitrust hearing showed that they can no longer avoid the harsh glare of the political spotlight.
