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Mr. Anton Korinek, Mr. Martin Schindler, and Joseph Stiglitz
Advances in artificial intelligence and automation have the potential to be labor-saving and to increase inequality and poverty around the globe. They also give rise to winner-takes-all dynamics that advantage highly skilled individuals and countries that are at the forefront of technological progress. We analyze the economic forces behind these developments and delineate domestic economic policies to mitigate the adverse effects while leveraging the potential gains from technological advances. We also propose reforms to the global system of governance that make the benefits of advances in artificial intelligence more inclusive.
Mr. Anton Korinek, Mr. Martin Schindler, and Joseph Stiglitz

-Saving Technological Progress C. Information, Digital Monopolies and Superstars D. Misguided Technological Progress E. Broader Harms Associated with AI III. Evaluating the Uncertainties and Opportunities A. Uncertainty about the Pace and Scale of Progress B. The Productivity Puzzle: Are We Really in an Era of Unprecedented Innovation? C. Putting AI in the Broader Context of Development IV. Lessons from Past Technological Transformations A. Pre-Industrial Revolution B. Industrial Revolution C. Manufacturing-Based Export-Led Growth D. What is Different

Mr. Anton Korinek, Mr. Martin Schindler, and Joseph Stiglitz

C. Putting AI in the Broader Context of Development There are several other important factors that are relevant when it comes to managing the potential adverse effects of AI on developing countries in coming decades. COVID-19 The COVID-19 pandemic has imposed an extra shadow cost on physical interaction with humans, which is likely to accelerate the automation of jobs that require physical interaction (see e.g. Korinek and Stiglitz, 2021b ). The resulting changes will have long-lasting effects on the economy, even after the pandemic is overcome. The new