The process of long-term change in a society's predominant economic activity, fueled by variables including structural change, productivity growth, and technological innovation, is known as transformational economics.
Among the key characteristics of the transformational economy are the following:
• It is irreversible and unidirectional, which means that once a society moves from one economic moment to another, it does not return to the previous one. For example, agriculture did not regain its dominance after the industrial revolution overtook it as the dominant sector;
• Along with this, four types of capital have evolved: natural, human, social and technological. These types of capital represent the assets that support economic growth and activity. According to transformational economics, these forms of capital fluctuate in importance and availability over time;
• It is affected by the global environment, which means that the interactions and rivalries between different nations and geographies determine the speed and course of change. For example, two important factors influencing the way economies change today are globalization and digitization;
• It has a substantial impact on well-being as it has an effect on social cohesion, income, employment, education and health of the population. Depending on how people and communities adapt to the changing environment, the transformational economy can present both new opportunities and problems.
This book provides an overview of the current state-of-the-art methods and uses of Artificial Intelligence approaches for rational decision-making under conditions of uncertainty, complexity, and risk.
A book about artificial intelligence and government decision-making can stimulate new research in economics, and in this case it is a support for providing examples and case studies of how artificial intelligence can solve real-world problems in different areas of economics, such as interstate conflict, credit scoring, cancer diagnosis, health monitoring, optical character/image processing and recognition, and helps introduce databases and the challenges of knowledge representation and reasoning, probabilistic reasoning, logical reasoning, and probabilistic reasoning. common sense for decision making. Showing how Artificial Intelligence can improve the analysis and design of economic models, policies and systems, such as game theory, mechanism design, social choice, behavioral economics and agent-based modeling is another complementary way forward.
Researchers, students, practitioners and policy makers who are interested in exploring the possibilities and constraints of artificial intelligence for sound economic decision-making can see the gross added value generated by this book on transformational economics from an AI and governance perspective, all filtered through the rigors of transparent markets, dedicated to the advancement of humanity which is in a new moment of exponential development.
February 2024
university professor Dr. Florina BRAN