AI and the Future of Economic Systems: Analyzing Technological, Ethical, and Governance Dimensions

This chapter discusses how AI has revolutionized key economy technologies like Generative AI, Large Language Models, and Machine Learning. It evaluates the role of these technologies in increasing efficiency and creativity in business and industries, and in solving evoked ethical issues such as inequality and job loss, and privacy. The chapter also highlights the importance of proper controls to promote fair growth and manage risks effectively, thereby emphasizing the importance of strong governance. It fosters the two-pace combination of economic and data analysis, sociological sensibility, and ethical consideration. Furthermore, the roles of AI in macro and micro economics focusing on citizen engagement and inclusive economy are discussed. Finally, the chapter provides a discussion with focus on the future prospects of AI in the global economy, as well as directions for further research.