Abstract
The introduction of Artificial Intelligence (AI) in our contemporary society imposes historically unique challenges for humankind. The emerging autonomy of AI holds unique potentials of eternal life of robots, AI and algorithms alongside unprecedented economic superiority, data storage and computational advantages. Yet to this day, it remains unclear what impact AI taking over the workforce will have on economic growth. The contemporary trend of slowbalisation is described, as the slowing down of conventional globalization of goods, services and Foreign Direct Investments (FDI) flows; yet at the same time, we still see human migration and air travel as well as data transfer continuing to rise. These market trends of conventional globalization slowing and rising AI-related industries are proposed as first market disruption in the wake of the large-scale entrance of AI into our contemporary economy. Growth in the artificial age is then proposed to be measured based on two AI entrance proxies of Global Connectivity Index and The State of the Mobile Internet Connectivity 2018 Index, which is found to be highly significantly positively correlated with the total inflow of migrants and FDI inflow – serving as evidence that the still globalizing rising industries in the age of slowbalisation are connected to AI. Both indices are positively correlated with GDP output in cross-sectional studies over the world.
Highlights
The contemporary trend of slowbalisation is described, as the slowing down of conventional globalization of goods, services and Foreign Direct Investments (FDI) flows; yet at the same time, we still see human migration and air travel as well as data transfer continuing to rise
Growth in the artificial age is proposed to be measured based on two Artificial Intelligence (AI) entrance proxies of Global Connectivity Index and The State of the Mobile Internet Connectivity 2018 Index, which is found to be highly significantly positively correlated with the total inflow of migrants and FDI inflow – serving as evidence that the still globalizing rising industries in the age of slowbalisation are connected to AI
AI entrance into economic markets is modeled into the standard neoclassical growth theory by creating a novel index for representing growth in the artificial age comprised of GDP per capita and AI entrance measured by the proxy of Internet Access percent per country
Summary
The contemporary trend of slowbalisation is described, as the slowing down of conventional globalization of goods, services and Foreign Direct Investments (FDI) flows; yet at the same time, we still see human migration and air travel as well as data transfer continuing to rise. Slowbalisation speaks to the fact that since the 2008 World Financial Recession, Asia’s growth rates are slowing, cross-border investments, trade, bank loans and supply chains have been shrinking or stagnating relative to world GDP (The Economist, January 26, 2019).
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