Artificial Intelligence in Economics Research: What Have We Learned? What Do We Need to Learn?
Artificial Intelligence in Economics Research: What Have We Learned? What Do We Need to Learn?
Salman Bahoo,John W. Goodell,Rachid Rhattat,Subhan Shahid
TLDR
The role of AI in economics is investigated by reviewing the literature by reviewing the literature during the last 34 years and a framework to consider changes in economics before and after AI adoption is outlined.
Abstract
Motivated by the recent boom in artificial intelligence (AI) playing a significant role in the economics of individuals, firms, and government bodies, we investigate the role of AI in economics by reviewing the literature (2231 articles) during the last 34 years (1990 to November 2024). We identify five research streams: (1) AI and economic modeling, (2) AI and macroeconomics (eight sub‐streams), (3) AI and equity and debt market, (4) AI and prediction modeling (three sub‐streams), and (5) AI and economics of innovation. Further, we offer suggestions for future research (20 questions). Additionally, we outline a framework to consider changes in economics before and after AI adoption. Further, the critical AI‐based methods are identified and discussed.