Introduction

Lili Yan Ing, Gene M. Grossman

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

Paradigm-changing innovations included the steam engine, the electric motor, the digital computer, and a range of products and services falling under the rubric of Information and Communications Technology (ICT). Technological advances drive economic growth. Industrial robots, especially those that apply artificial intelligence, offer perhaps the greatest scope for technological improvement and productivity gains in the modern industrial era. Robots can increase the speed and precision of industrial processes while making them safer and more reliable. High-skilled workers, those employed in technology-intensive sectors, and those performing non-routine tasks may benefit as industrial robots leverage their productivity. Automation and Artificial Intelligence can encourage greater international division of labor in global value chains and promote trade in AI-enabled services. Like all new technologies, there will be adjustment costs that must be managed by policymakers.

Original languageEnglish (US)
Title of host publicationRobots and AI
Subtitle of host publicationA New Economic Era
PublisherTaylor and Francis
Pages1-14
Number of pages14
ISBN (Electronic)9781000626483
ISBN (Print)9781032230665
DOIs
StatePublished - Jan 1 2022

All Science Journal Classification (ASJC) codes

  • Economics, Econometrics and Finance(all)
  • General Business, Management and Accounting
  • General Social Sciences

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