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The Economics of AI
  • Level Expert
  • Duration 28 hours
  • Course by University of Virginia
  • Offered by

About

The course introduces you to cutting-edge research in the economics of AI and the implications for economic growth and labor markets. We start by analyzing the nature of intelligence and information theory. Then we connect our analysis to modeling production and technological change in economics, and how these processes are affected by AI. Next we turn to how technological change drives aggregate economic growth, covering a range of scenarios including a potential growth singularity. We also study the impact of AI-driven technological change on labor markets and workers, evaluating to what extent fears about technological unemployment are well-founded. We continue with an analysis of economic policies to deal with advanced AI. Finally, we evaluate the potential for transformative progress in AI to lead to significant disruptions and study the problem of how humans can control highly intelligent AI algorithms.

Modules

Introduction

    • 1 Videos
    • 1 Readings
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1 Videos

  • Introduction

1 Readings

  • Tips for Taking this Course

On Intelligence

    • 3 Videos
    • 1 Readings
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3 Videos

  • What is Intelligence?
  • Substrate Independence
  • Examples of Intelligent Entities

1 Readings

  • Additional Resources on Intelligence

Agents, Goals, and Intelligence

    • 4 Videos
    • 1 Readings
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4 Videos

  • Agents
  • The Teleological Stance
  • Goals
  • Evolution of Intelligence

1 Readings

  • Additional Resources on Agents, Goals, and Intelligence

A Primer on Information Theory

    • 3 Videos
    • 1 Readings
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3 Videos

  • Introduction to Information Theory
  • Shannon Entropy
  • Information as a Decrease in Uncertainty

1 Readings

  • Additional Resources on Information Theory

AI in Context

    • 4 Videos
    • 3 Readings
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4 Videos

  • A Brief History of AI
  • From the Birth of AI to Deep Learning
  • The Human Intelligence Landscape
  • Comparing Human and Artificial Intelligence

3 Readings

  • TensorFlow Playground
  • Recent Advances in AI
  • Additional Resources on “AI in Context”

Review

    • 5 Readings
    • 1 Assignment
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1 Assignment

  • What Is Intelligence?

5 Readings

  • Slides
  • Share Your Reflections on Intelligence
  • Help Us Spread the Word
  • How to Earn a Course Certificate
  • Credits

Introduction

    • 1 Videos
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1 Videos

  • Module 2 Introduction

Modeling the Production Process

    • 7 Videos
    • 1 Readings
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7 Videos

  • Modeling the Production Process
  • Properties of Production Functions
  • Isoquants and Factor Price Frontiers
  • Modeling Technology
  • Parameterizing Technology
  • Bias of Technological Change
  • Decomposing Technological Change

1 Readings

  • Additional Resources on Modeling the Production Process

Labor-Saving Progress

    • 3 Videos
    • 1 Readings
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3 Videos

  • Labor-Saving Technological Progress
  • The Task-Based Framework of Production
  • Tasks, Labor-Saving Progress, and New Tasks

1 Readings

  • Additional Resources on Labor-Saving Progress

Data & Information Goods

    • 6 Videos
    • 1 Readings
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6 Videos

  • Information Goods
  • A Model of Digital Innovation
  • Derivation of Demand Curve
  • Economic Effects of Digital Innovation
  • Economic Effects of Digital Innovation - Continued
  • Public Policy Implications

1 Readings

  • Additional Resources on Data & Information Goods

Production Networks

    • 3 Videos
    • 1 Readings
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3 Videos

  • Production Networks
  • Solving the Problem
  • A Version of Hulten's Theorem

1 Readings

  • Additional Resources on Production Networks

Review

    • 2 Readings
    • 1 Assignment
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1 Assignment

  • Modeling Technological Progress

2 Readings

  • Slides
  • Share Your Reflections on Modeling Technological Progress

Introduction

    • 1 Videos
    • 1 Readings
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1 Videos

  • Introduction to AI and Growth

1 Readings

  • Preparatory Reading and Slides

Malthusian Stagnation

    • 3 Videos
    • 1 Readings
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3 Videos

  • Malthusian Stagnation
  • Solving the Malthusian Model
  • Comparative Statics in a Malthusian World

1 Readings

  • Additional Resources on Malthusian Stagnation

Growth During the Industrial Age

    • 4 Videos
    • 1 Readings
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4 Videos

  • Growth During the Industrial Age: the Solow Model
  • The Steady State in the Solow Model
  • Explaining Growth during the Industrial Age
  • AK-Style Endogenous Growth

1 Readings

  • Additional Resources on Growth During the Industrial Age

Growth in the Age of AI

    • 4 Videos
    • 2 Readings
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4 Videos

  • Growth and AI: Opening up New Possibilities
  • Interview with Phil Trammell on Growth under Transformative AI (Optional)
  • Capturing an Economic Singularity
  • Modeling Knowledge Accumulation

2 Readings

  • The AI Revolution: The Road to Superintelligence (Optional)
  • Additional Resources on Growth in the Age of AI

Review

    • 1 Readings
    • 1 Assignment
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1 Assignment

  • AI and Economic Growth

1 Readings

  • Share Your Reflections on AI and Economic Growth

Introduction

    • 1 Videos
    • 1 Readings
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1 Videos

  • Introduction to Labor Markets and Inequality

1 Readings

  • Preparatory Readings and Slides

History of Technology and Labor

    • 1 Videos
    • 1 Readings
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1 Videos

  • History of Technology and Labor

1 Readings

  • Additional Resources on the History of Technology and Labor

Neoclassical Concepts and Technological Unemployment

    • 4 Videos
    • 1 Readings
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4 Videos

  • Neoclassical Labor Market Equilibrium
  • Technological Progress and Labor Market Equilibrium
  • Technological Unemployment: Matching Frictions
  • Technological Unemployment: Efficiency Wages

1 Readings

  • Additional Resources on Neoclassical Concepts and Technological Unemployment

Developments in Recent Decades

    • 3 Videos
    • 3 Readings
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3 Videos

  • Decline in the Labor Share
  • Skill-Biased Technological Change
  • Routine-Replacing Technological Change

3 Readings

  • Why are there still so many jobs?
  • Further Readings
  • Additional Resources on Developments in Recent Decades

Phasing Out Labor

    • 3 Videos
    • 1 Readings
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3 Videos

  • Phasing Out Human Labor
  • Individual Losses from Job Displacement
  • Work and Meaning

1 Readings

  • Additional Resources on Phasing Out Labor

Review

    • 1 Readings
    • 1 Assignment
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1 Assignment

  • Labor Markets and Inequality

1 Readings

  • Share Your Reflections on Labor Markets and Inequality

Introduction

    • 1 Videos
    • 1 Readings
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1 Videos

  • Introduction

1 Readings

  • Slides

Technological Progress and Welfare

    • 6 Videos
    • 1 Readings
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6 Videos

  • Technological Progress and Welfare
  • Possibility of Pareto Improvements
  • Technological Progress Under Perfect Insurance
  • Compensating Losers Under Costly Redistribution
  • Technological Progress Under Market Imperfections
  • Similarities of Technological Progress and Globalization

1 Readings

  • Additional Resources on Technological Progress and Welfare

Economic Policy for the Age of AI

    • 9 Videos
    • 1 Readings
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9 Videos

  • Economic Policy for the Age of AI
  • Economic Policy and Utility Possibilities
  • Income Distribution
  • Managing the Transition to Less Work
  • Profit-Sharing: A Windfall Clause
  • Pre-Distribution
  • The Rents of Innovators
  • Competition, IPR and Information Policy
  • Technology Policy

1 Readings

  • Additional Resources on Economic Policy for the Age of AI

Taxation in the Age of AI

    • 1 Videos
    • 1 Readings
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1 Videos

  • Taxation in the Age of AI

1 Readings

  • Additional Resources on Taxation in the Age of AI

Steering Technological Progress

    • 4 Videos
    • 1 Readings
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4 Videos

  • Redistributive Objectives in Steering Technological Progress
  • Steering Technological Progress: Examples
  • Steering Progress Towards Non-Monetary Objectives
  • Interview with Katya Klinova (Partnership on AI)

1 Readings

  • Additional Resources on Steering Technological Progress

Review

    • 1 Readings
    • 1 Assignment
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1 Assignment

  • Economic Policy in the Age of AI

1 Readings

  • Share Your Reflections on Economic Policy in the Age of AI

Introduction

    • 1 Videos
    • 1 Readings
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1 Videos

  • Introduction to The Economics of Transformative AI

1 Readings

  • Slides

An Economy with Non-Human Agents

    • 9 Videos
    • 1 Readings
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9 Videos

  • The Agents of Economic Activity
  • Towards a Broader Model of Economic Agents
  • Examples of Economic Entities
  • Malthusian Frontier
  • Preferences and Behavior
  • Worker-Replacing Machines
  • Where Are We On the Frontier?
  • Long-Run Viability of Humans
  • Measurement of an Economy with AI Agents

1 Readings

  • Further Readings on An Economy with Non-Human Agents

Hacking the Human Brain

    • 1 Videos
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1 Videos

  • Hacking the Human Brain

The AI Control Problem

    • 5 Videos
    • 2 Readings
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5 Videos

  • The AI Control Problem
  • Delegation and Alignment
  • Direct and Social Alignment
  • Achieving Social Alignment
  • Epilogue: Interview with Joseph Stiglitz

2 Readings

  • Further Readings
  • Further Readings on The AI Control Problem

Review

    • 1 Readings
    • 1 Assignment
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1 Assignment

  • The Economics of Transformative AI

1 Readings

  • Share Your Reflections on the Economics of Transformative AI

Auto Summary

**Course Overview: The Economics of AI** Unlock the potential of artificial intelligence within the realm of business and management with "The Economics of AI." This expert-level course, available on Coursera, delves into groundbreaking research on how AI is reshaping economic growth and labor markets. Led by industry professionals, the course begins with an exploration of intelligence and information theory. It then bridges these concepts to economic models of production and technological advancement, highlighting the transformative impact of AI. Students will gain insights into how AI-driven changes stimulate economic growth, including scenarios of exponential growth singularity. A key focus is on the labor market, assessing whether concerns about technological unemployment are justified. The course also covers economic policies tailored to advanced AI and examines how significant AI progress could disrupt current systems. Additionally, it addresses the critical challenge of managing highly intelligent AI algorithms. Over approximately 1680 minutes of engaging content, learners will explore the cutting-edge intersection of AI and economics, making this course ideal for professionals aiming to understand and navigate the future landscape of AI in business. Subscription options include a Starter package, providing flexible access to this in-depth, forward-thinking educational experience. Join now to stay ahead in the fast-evolving world of AI economics.

Anton Korinek
Instructor

Anton Korinek