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The Impact of Artificial Intelligence Applied in Businesses on Economic Growth, Welfare, and Social Disparities

Author

Listed:
  • Adela Socol

    (University 1 Decembrie 1918 of Alba Iulia, Alba Iulia, Romania)

  • Andreea Marin-Pantelescu

    (Bucharest University of Economic Studies, Bucharest, Romania)

  • Tamas-Szora Attila

    (University 1 Decembrie 1918 of Alba Iulia, Alba Iulia, Romania)

  • Ionela Cornelia Cioca

    (University 1 Decembrie 1918 of Alba Iulia, Alba Iulia, Romania)

Abstract
Previous literature on the impact of the application of artificial intelligence in businesses on economic growth, welfare, and social disparities is scarce, due to limited data and the recent dynamics of the field. To contribute to this gap, the study employs the percentage of large enterprises in the European Union (EU-27) using artificial intelligence technologies in production for the year 2021. The results obtained by static analysis (Feasible Generalized Least Squares method) indicate positive relationships between the application of artificial intelligence in large enterprises in European Union countries and economic growth, while the analysis of welfare and social disparities leads to mixed results: increasing the average net income per person, respectively, the poverty threshold and decreasing the number of people at risk of poverty and unemployment. Spatial analysis (Spatial Lag Model) of the economic and social impact of artificial intelligence applied in a country's large enterprises on neighbouring countries leads to robust results for economic growth and net average income per person, whose levels are positively influenced, through spillover effects and spatial interactions between states. At the microeconomic level, the study highlights the need for rapid adaptation of enterprises to artificial intelligence, and from the perspective of public policies, the need for transparent and sustainable regulations.

Suggested Citation

  • Adela Socol & Andreea Marin-Pantelescu & Tamas-Szora Attila & Ionela Cornelia Cioca, 2024. "The Impact of Artificial Intelligence Applied in Businesses on Economic Growth, Welfare, and Social Disparities," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 26(66), pages 475-475, Aprilie.
    • Handle: RePEc:aes:amfeco:v:26:y:2024:i:66:p:475
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    More about this item

    Keywords

    Artificial intelligence (AI); enterprises; growth; welfare; unemployment; European Union.;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • B55 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Social Economics
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • C58 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Financial Econometrics
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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