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The Economics of AI

Anton Korinek

4.6

Based on 58 ratings

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Anton Korinek

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.

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What's inside

Syllabus

What is Intelligence?

Welcome to the Economics of AI! This week, we are starting with an analysis of the nature of intelligence, its relationship to agents and goals, and the basics of information theory. We will also take a quick look at recent advances in AI and what they entail for our economy. These are materials that are not typically covered in economics courses, but they are crucial for understanding the profound changes that AI will trigger in our economy. We will build on them in the economic models that we will cover in the following modules. As you are working through the course materials, please share your impressions in our discussion forum. The forum also has a section in which I want to invite you to discuss the most up-to-date technological advances in AI and speculate how they will affect us.

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Read about what's good

what should give you pause

and possible dealbreakers

Covers important topics like technological unemployment and control of AI algorithms

Examines the relationship between technological progress and economic growth, an important topic in economics

Taught by Anton Korinek, who is an expert in the economics of AI

Suitable for learners with a background in economics who want to specialize in the economics of AI

Requires learners to come in with a foundational knowledge of economics

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Reviews summary

Deep dive into ai's economic impact

According to learners, this course offers a deep and insightful exploration into the economics of AI, providing a strong theoretical foundation. Students consistently praise the instructor's profound knowledge and clarity in articulating complex concepts related to economic growth, labor markets, and policy responses, including topics like UBI and the AI control problem. However, some indicate that the course is heavily theoretical and could benefit from more practical examples or case studies. It is widely noted that a pre-existing understanding of economic principles is highly beneficial, as the course is geared towards economists and policymakers rather than general learners or those seeking technical AI skills.

Beneficial for learners with prior economics knowledge.

"I highly recommend this course for anyone with an economics background interested in AI."

"I struggled without a strong economics background, as the prerequisites weren't clearly stated, and this course is really for economists."

"To fully appreciate this course, I found that a decent understanding of economic principles is required."

Covers less common aspects like AI control problem.

"The section on the AI control problem was particularly unique and thought-provoking."

"I appreciated that this isn't a technical AI course, but it perfectly explains the macro and micro economic aspects."

"The course covers an impressive range, from fundamental definitions of intelligence to advanced policy considerations."

Provides a robust academic grounding in AI economics.

"It provides a strong theoretical foundation while still being highly relevant to current discussions."

"I appreciated the in-depth discussion on policy options like UBI and the fascinating depth of analysis on labor markets."

"This course is absolutely essential for anyone studying the economic implications of AI; the depth and breadth of topics are impressive."

Highly knowledgeable and articulate instructor.

"The instructor, Professor XYZ, is incredibly knowledgeable and articulates complex economic concepts related to AI in an understandable way."

"The professor's explanations are crystal clear and the content is cutting-edge."

"I found the professor brilliant; their clarity of thought and presentation was outstanding."

"The instructor effectively breaks down complex ideas, which made the course engaging."

Emphasis on theory, less on practical application.

"I was disappointed because I came in expecting more real-world examples and less abstract modeling."

"For me, it's a heavy academic course and not for everyone."

"I found it heavily theoretical, and I was hoping for something with more practical application or recent data."

"Some parts felt a bit abstract, and I wished there were more practical examples or case studies to ground the theories."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in The Economics of AI with these activities:

Connect with AI economics researchers or professionals

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Gain insights and guidance from experts in the field

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Identify potential mentors through professional networks or online platforms
Reach out and ask for guidance or collaboration
Meet regularly to discuss AI economics concepts and research

Read 'The Economics of Artificial Intelligence' by Ajay Agrawal, Joshua Gans, and Avi Goldfarb

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Gain a foundational understanding of the economic principles driving AI

View HBR's 10 Must Reads on AI (with bonus article... on Amazon

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Read and summarize each chapter

Participate in online discussion groups

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Expose yourself to multiple perspectives by engaging with peers online

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Join online discussion groups dedicated to AI and economics
Read and participate in discussions, asking questions and sharing insights

Four other activities

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Create a notebook or online repository for the course

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Organize course materials for easy reference and revision

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Collect materials such as lecture notes, readings, and assignments
Categorize and organize the materials

Practice mathematical models

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Gain deeper comprehension of theoretical concepts by applying them

Browse courses on Math

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Find exercises and problem sets related to AI economics
Solve the problems and compare your solutions with others

Complete online coding exercises on AI economics

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Gain hands-on experience applying AI economics concepts to real-world problems

Browse courses on Math

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Find online coding platforms that offer AI economics exercises
Solve the exercises and compare your solutions with others

Develop a blog or website on AI economics

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Improve comprehension and communication of AI economics principles

Browse courses on AI

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Choose a specific aspect of AI economics to focus on
Research and write articles or blog posts explaining the concepts
Share the content with others and gather feedback

Career center

Learners who complete The Economics of AI will develop knowledge and skills that may be useful to these careers:

AI Engineer

An AI Engineer designs, develops, and deploys AI systems. This course is an excellent fit for anyone in this career field, as it exposes learners to AI's economic implications. This understanding will help you to build AI systems that deliver a strong return on investment.

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Machine Learning Engineer

A Machine Learning Engineer develops machine learning models. This course is helpful because it will help you to identify situations in which machine learning models can be used to solve problems.

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Data Scientist

A Data Scientist makes use of data to inform decisions. This course provides context on how the data that you are analyzing is generated. It will also help you to understand how the data may change in the future, which could help you to make more forward-looking, actionable recommendations.

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Economist

An Economist researches economic issues. This course will help you to stay up-to-date on current economic issues and trends.

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Quantitative Analyst

A Quantitative Analyst develops and implements mathematical and statistical models to analyze and solve problems. This course will help you to develop your skills in these areas.

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Data Analyst

A Data Analyst makes use of data to inform decisions. This course provides context on how the data that you are analyzing is generated. It will also help you to understand how the data may change in the future, which could help you to make more forward-looking, actionable recommendations.

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Software Architect

A Software Architect designs computer software. This course helps build a foundation in the economics of artificial intelligence. Understanding the economics of AI will help you to make better decisions during the architectural design phase regarding what AI components to include in your software design and what features to deprioritize.

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Policy Analyst

A Policy Analyst develops and analyzes public policies. This course may be useful for gaining a better understanding of AI's economic implications.

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Financial Analyst

A Financial Analyst analyzes the financial performance of companies and industries. This course may be useful for gaining a better understanding of the financial implications of AI.

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Market Research Analyst

A Market Research Analyst analyzes market data and trends. This course may be useful for gaining a better understanding of how AI is affecting markets.

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Consultant

A Consultant provides advice to businesses and organizations. This course may be useful for helping you stay up-to-date on the latest technological trends that you can recommend to your clients.

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Journalist

A Journalist writes and reports on current events and issues. This course may be useful for gaining a better understanding of AI's economic implications.

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Teacher

A Teacher educates students in a particular subject. This course may be useful for providing you with the background that you need to teach the economics of AI to your pupils.

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Sales Manager

A Sales Manager leads and manages a team of sales representatives. This course may be useful for gaining a better understanding of AI's impact on the sales process.

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Operations Manager

An Operations Manager plans and oversees the day-to-day operations of a business. This course may be useful for gaining a better understanding of the challenges posed by AI.

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Reading list

We've selected 11 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in The Economics of AI.

Deep Learning

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Provides a comprehensive overview of deep learning, covering topics such as convolutional neural networks, recurrent neural networks, and generative adversarial networks. It valuable reference for anyone who wants to learn more about the latest advances in deep learning.

The Economics of AI

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What's inside

Syllabus

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Reviews summary

Deep dive into ai's economic impact

Activities

Career center

Reading list

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