Master of Commerce (M.Com.) Economics of Artificial Intelligence Syllabus - Mumbai University

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Syllabus for Economics of Artificial Intelligence

Elective course · Semester 4 · M.Com. Business Economics · 4 credits

Module I: Overview of the AI-Powered Economy (2 Credits)

Unit 1 Introduction to Artificial Intelligence and AI-Powered Economy:
Concept and definitions of AI and AI-Powered Economy; Types of AI; Key technologies: machine learning, deep learning, neural networks, and natural language processing.
Basic Economic Principles & AI: AI's Impact on Supply and Demand in the context of AI-driven
industries; Production functions and productivity in the age of automation.
AI and Market Structure: Impact of AI on competition and market concentration; The role of network effects and economies of scale in AI firms.
Unit 2 The AI-driven economy and Workforce Transformation.
Skills and education for the AI-powered economy: Core Technical and Nontechnical Skills for the AI Workforce; The importance of STEM education; The Skills Gap: Understanding the gap
between current workforce capabilities and AI-related demands.
Labor Markets and AI: New jobs and industries emerging from AI technologies; Job Creation
and Transformation; Automation and Job Displacement.
Case studies: How AI and automation affect employment across industries- 
Manufacturing: AI in Production and Workforce Adaptation
Agriculture: AI's Impact on Farming and Agricultural Work
Retail: The Role of AI in Shaping Retail Jobs
Healthcare: Transforming Medical Work and Patient Care

Services: Automation's Effect on Service-Industry Jobs

Module II: AI, Technological Innovation, and the Shaping of Economic Policy (2 Credits)

Unit 3 AI, Innovation, and Economic Growth.
AI as a General-Purpose Technology: The transformative potential of AI for industries and sectors; Historical context: AI alongside other GPTs (e.g., electricity, the internet)
AI and Global Competitiveness: The AI arms race - How countries and firms are competing to lead in AI development; Case studies: China, the U.S., and EU AI strategies
Intellectual Property and Innovation Policy: AI and IP rights: Patents, copyright, and data
ownership; Incentivizing innovation in AI technologies while addressing monopolistic
tendencies
Unit 4 AI Regulation, Competition, and Future Economic Policy:
AI Regulation and Governance: The role of government in regulating AI (data privacy, safety, ethics); The debate over AI regulation: Overregulation vs. fostering innovation
AI, Competition, and Antitrust Policy: Market concentration in AI-driven sectors and its effects
on competition; Antitrust concerns: AI monopolies and oligopolies (e.g., Google, Amazon, and Facebook)
The Future of AI and Economic Policy: Preparing for the economic challenges posed by advanced AI; Long-term considerations: Sustainability, environmental impact, and AI in the global economy

Suggested References

1 AI and Economic Growth: Prediction Machines: The Simple Economics of Artificial Intelligence by Ajay Agrawal, Joshua Gans, and Avi Goldfarb
2 AI and Innovation: The Fourth Industrial Revolution by Klaus Schwab
3 AI and Labor Markets: Rise of the Robots: Technology and the Threat of a Jobless Future by Martin Ford
4 Ethics and Policy: AI Superpowers: China, Silicon Valley, and the New World Order by Kai- Fu Lee
5 AI Strategy and Management: Human + Machine: Reimagining Work in the Age of AI by Paul R. Daugherty and H. James Wilson Academic Papers
1 AI and Productivity: Brynjolfsson, Erik, and McAfee, Andrew (2017). "The Business of Artificial Intelligence."
2 AI in Labor Markets: Acemoglu, Daron, and Restrepo, Pascual (2020). "Robots and Jobs: Evidence from US Labor Markets."
3 Network Effects: Goldfarb, Avi, Gans, Joshua, and Agrawal, Ajay (2019). "The Economics of Artificial Intelligence: An Agenda." Online Resources and Articles
1 Websites o AI Index Report (Stanford University): Comprehensive data on AI trends and impacts. o Partnership on AI: Resources on ethical AI and societal impacts.
2 Videos and Podcasts o TED Talk: How AI Can Save Our Humanity by Kai-Fu Lee. o Podcast: AI in Business and Economics (The AI Alignment Podcast).

Reproduced from the University of Mumbai syllabus for M.Com. (Business Economics) under NEP 2020, in force from the academic year 2023-24. Wording is as printed in that syllabus. Module numbering is as printed there too.

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