The Impact of Artificial Intelligence and Technological Transformations on Economic Processes

Abstract

This paper examines how the spread of artificial intelligence (AI) and related technological transformations influence economic processes. Although AI is hailed as a driver of productivity and innovation, empirical evidence so far shows limited near-term effects on aggregate productivity or employment. We review recent research and reports on AI adoption, productivity impacts, labor market outcomes, and industry changes. Using a qualitative literature review and synthesis of key findings, we show that AI investments have surged and can boost output in principle, but actual adoption remains concentrated in a few sectors. Labor-market effects have been modest to date: surveys find ~90% of firms reporting no employment or productivity impact from AI so far, and macro data show little change attributable to AI. On the other hand, AI is already enabling higher outputs in some tasks (e.g. code generation or R&D) and may increase total factor productivity if widely deployed. Conclusions highlight that AI’s long-term effect depends on factors like worker skills, firm adaptation, and public policy. We discuss implications for economic growth, inequality, and future research, noting that careful policy will be needed to harness AI’s benefits while managing disruptions. In addition, the paper highlights the implications of artificial intelligence for professional training and human resource development, particularly in the accounting field, emphasizing the need for new competencies and personalized learning approaches. UDC: 004.8:338.31; JEL: O33; O34; J24; L86