Problems of Using Artificial Intelligence in Institutional Economics
- Authors: Kushnir A.M.1,2,3
-
Affiliations:
- Financial University under the Government of the Russian Federation
- Kosygin Russian State University
- Russian University of Transport
- Issue: Vol 21, No 1 (2025)
- Pages: 181-187
- Section: Economic Theory
- URL: https://journals.eco-vector.com/2541-8025/article/view/678492
- DOI: https://doi.org/10.33693/2541-8025-2025-21-1-181-187
- EDN: https://elibrary.ru/IPRIVL
- ID: 678492
Cite item
Open Access
Access granted
Abstract
The purpose of this study is to establish and systematically describe the main problems of the use of artificial intelligence within the framework of institutional economics. The paper argued the following conclusions. Artificial intelligence has the potential to fundamentally change the economy: many traditional economic activities will soon become a thing of the past, and they will be replaced by approaches related to the platform use of AI. It has been established that artificial intelligence will reduce costs and increase productivity in various industries, optimise decision-making processes, and partially overcome people's cognitive limitations and biases by generating multiple solutions to economic problems. At the same time, each of these options carries risks and threats. It is shown that artificial intelligence can reduce the problem of bounded rationality, but it is impossible to consider it as a tool for solving the main economic problem. The use of artificial intelligence will contribute to the transformation of institutional frameworks, the creation of new markets, norms and rules, which over time will predetermine the emergence of new economic institutions that will have a determining influence on the development of human civilization.
Full Text
About the authors
Andrey M. Kushnir
Financial University under the Government of the Russian Federation; Kosygin Russian State University; Russian University of Transport
Author for correspondence.
Email: Ku7@bk.ru
ORCID iD: 0000-0002-4318-0190
Scopus Author ID: 57219595324
Dr. Sci. (Econ.), Professor of the Department of Mass Communication and Media Business; Professor of the Department of Economics and Management; Professor of the Department of Customs Law and Organization of Customs Affairs of the Law Institute
Russian Federation, Moscow; Moscow; MoscowReferences
- Brynjolfsson E., Rock D., Syverson C. Artificial intelligence and the modern productivity paradox: a clash of expectations and statistics. Cambridge, 2017. https://doi.org/10.3386/w24001/
- Davidson S. The economic institutions of artificial intelligence // Journal of Institutional Economics. 2024. V. 20. e20. Р. 1–16.
- Hayek F. The use of knowledge in society // The American Economic Review. 1945. 35(4), 519–530.
- Kiesling L. The knowledge problem. In Boettke P. and Coyne C. (eds), The Oxford Handbook of Austrian Economics. Oxford University Press, 2015. pp. 45–64.
- Meinke A. et al. Frontier Models are Capable of In-context Scheming. Apollo Research. 2024/ arXiv:2412.04984 https://doi.org/10.48550/arXiv.2412.04984.
- Mises L. Socialism: An Economic and Sociological Analysis. Indianapolis: Liberty Fund, 1981.
- Mitchell M. Artificial Intelligence: A Guide for Thinking Humans. New York: Farrar, Straus and Giroux, 2019.
- Qin Y., Xu Z., Wang X., Skare М. Artificial Intelligence and Economic Development: An Evolutionary Investigation and Systematic Review // Journal of the Knowledge Economy. 2024. 15:1736–1770. https://doi.org/10.1007/s13132-023-01183-2.
- Russell S.J., Norvig P. Artificial intelligence: a modern approach. A Modern Approach. Third Edition. Pearson, 2016.
- Simon H. A behavioural model of rational choice // The Quarterly Journal of Economics. 1955. 69(1), 99–118.
- Smith V. Rationality in Economics: Constructivist and Ecological Forms. Cambridge: Cambridge University Press, 2008.
- Williamson O. Markets and Hierarchies: Analysis and Antitrust Implications. New York: The Free Press, 1975.
- Betelin V.B. Scientific problems of ensuring technological sovereignty in the field of artificial intelligence technologies // Bulletin of the Russian Academy of Sciences. 2024. Vol. 94. No. 7. pp. 629–634.
- Dyatlov S.A. Artificial intelligence and the pitfalls of digital transformation // Izvestiya St. Petersburg State University of Economics. 2022. No. 6 (138). pp. 30–33.
- Nikitaeva A.Yu., Salim A.-B.M. Institutional foundations of the development of artificial intelligence in industry // Journal of Institutional Studies. 2022. 13(1), 108-126. doi: 10.17835/2076-6297.2022.14.1.108-126.
- Shcherbakov G.A. Economic aspects of artificial intelligence: current state and current problems // Soft measurements and calculations. 2023. No. 92. Vol. 70(2). pp. 69–77; https://doi.org/10.36871/26189976.2023.092.008.
Supplementary files
