Economic and Political Consequences of AI: Managing Creative Destruction

Firms that innovate on the production function by using unorthodox paths in technology are disrupting routine actions and radically changing people's lives by innovating in a disruptive way while reinventing new ways. Schumpeterian innovations change the routine and traditional business conditions by realizing a new economic equilibrium and innovation in the production function. Today, the use of artificial intelligence (AI) and AI-related applications and the expansion of their areas of use cause a Schumpeterian process of creative destruction, causing a destructive but at the same time creative cycle such as the use of AI within existing technologies, the increase in the opportunities provided by the applications and the replacement of old and new technology. Therefore, today, the widespread use of AI is one of the most significant technological advancements of recent times, encompassing a wide range of fields and significantly changing how economies and societies operate. Economic and Political Consequences of AI: Managing Creative Destruction investigates the impact of AI on economics and politics. Although emerging AI and technologies scare societies and existing firms and companies, it is essential to research the existing uncertainty to eliminate uncertainties and reveal or discuss potential benefits and harms. Covering topics such as creative destruction, cyber-politics, and the future of employment, this book is an excellent resource for computer developers, technology companies, businesses, professionals, researchers, policy makers, scholars, academicians, and more.