Michael Wickens's picture
Affiliation: 
Cardiff Business School & University of York
Credentials: 
Professor of economics

Voting history

Artificial Intelligence and the Economy

Question 2: What will be the implications of recent developments in AI on unemployment in high income countries over the upcoming decade?

Answer:
Remain unchanged
Confidence level:
Confident
Comment:
The number of jobs and the level unemployment will not change but the number of hours of work will fall and leisure increase. This is what has happened following past tech improvements. The same thing will happen with AI.

Question 1: What will be the implications of recent developments in AI on global economic growth, as they mature over the upcoming decade?

Answer:
Remain unchanged
Confidence level:
Not confident
Comment:
My guess is that it will increase the rate of growth, but by less than 4%

Causes for Weak Long-Run UK Growth

Question 2: Which of the following policies would do the most to boost UK GDP in the medium term (over the next decade)?

Answer:
N/A or Other
Confidence level:
Not confident
Comment:
The key to boosting GDP in the medium term is higher private investment. This could be helped by tax policy and stable future expectations of policy and world growth. We may have to live with lower labour participation and so require labour-saving investment and a more skilled labour force with better education.

Question 1: Which of the following will be the most important constraint on UK potential output in 2023, relative to its pre-2019 trend?

Answer:
Labor force participation
Confidence level:
Not confident
Comment:
Vacancy rates are very high as a result of falling participation rates. All are clearly relevant but oil prices, Brexit and tax policy will probably have shorter-term effects

Prospects for Euro Area Inflation in 2023

Question 3:  Under its current policy trajectory, with rates peaking at 3.5%, which of the following is most likely?

Answer:
ECB policy interest rates will be too low in 2023.
Confidence level:
Confident
Comment:
See comments to previous questions

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