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ARTIFICIAL INTELLIGENCE (AI) AND ECONOMIC GROWTH WITH REFERENCE

TO DECISION-MAKING, SOCIAL GOVERNANCE, ACCELERATE INDUSTRY 4.0,
AND FOSTER INNOVATION -A THEORETICAL ASSESSMENT

Article · November 2023

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Science, Technology and Development ISSN : 0950-0707

ARTIFICIAL INTELLIGENCE (AI) AND ECONOMIC GROWTH WITH

REFERENCE TO DECISION-MAKING, SOCIAL GOVERNANCE,
ACCELERATE INDUSTRY 4.0, AND FOSTER INNOVATION
- A THEORETICAL ASSESSMENT
Dr. G. YOGANANDHAM, Professor & Head, Department of Economics, Director – Centre for Knowledge,
Thiruvalluvar University ( A State University), Serkkadu, Katpadi Taluk,
Vellore District, Tamil Nadu – 632115.
Mr. G. ELANCHEZHIAN, Ph.D., Research Scholar, Department of Economics, Thiruvalluvar University ( A
State University), Serkkadu, Katpadi Taluk, Vellore District, Tamil Nadu – 632115.
Abstract

AI is changing a number of sectors, including the financial, economic, and service

sectors. Sustainability is the most important source of the expanding field of AI on Economic
Development (AI&ED). Artificial Intelligence (AI) boosts productivity, expedites service
economies, and opens up global commerce prospects. On the other hand, over-reliance on AI
might result in risks like joblessness and privacy problems. Future research opportunities and
knowledge gaps are identified by this study. By grouping related study streams together,
bibliographic coupling is a technique for spotting current trends in AI and education research. It
shows a logical network of bibliographic references and distinguishes five main groups that are
classified as Industry 4.0, labor, capital, social governance, AI support, and innovation. The
study explores the use of AI in economic decision-making, focusing on forecasting, predictive
modeling, energy demand evaluation, and financial analysis of urban development plans,
highlighting research gaps and field boundaries in AI and ED research. Despite the
aforementioned, the main objective of this research article is to carry out a macroeconomic
theoretical assessment of artificial intelligence (AI) and economic growth in relation to decision-
making, social governance, accelerating Industry 4.0, and fostering innovation. To do this,
secondary sources of information and statistical data relevant to the research article's subject
matter are consulted. The focus was on artificial intelligence (AI) and economic growth, with
particular attention given to decision-making, social governance, Industry 4.0 acceleration, and
innovation-fostering. According to this perspective, the current problem is both socially and
historically significant and desperately needed.

Key words: Artificial Intelligence, Economic Development, Demand Evaluation, Decision-Making,

Social Governance, Accelerating Industry 4.0, Predictive Modeling, Financial Analysis,
Urban Development and Fostering Innovation.

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The theme of the article

Artificial Intelligence is quickly becoming into a vital technology tool for everyday life and
business, greatly influencing sustainable development in a variety of industries. It is anticipated
to spur additional economic expansion and alter consumer and manufacturing patterns. Artificial
intelligence, or AI, is quickly changing society from chatbots used on a daily basis to major
corporations and governmental institutions. Artificial intelligence (AI) is a subfield of computer
science that focuses on creating data processing systems and performing tasks like learning,
reasoning, and self-improvement that are comparable to human intellect. The impact of
Artificial Intelligence (AI) on economic development is a subject of controversy, given its rapid
rise. Scholars concentrate on the nexus between artificial intelligence (AI) and economic growth,
analyzing both internal and external features using metrics and algorithms.
The discipline of Artificial Intelligence (AI) on Economic Development (AI&ED) has
grown rapidly in the last few years, and the most significant source is sustainability. Scholars
have established tight collaboration and communication, and future directions include data
mining and deep learning. The study emphasizes possible knowledge gaps and improves labor
and capital while concentrating on intelligent decision-making, social governance, labor and
capital, Industry 4.0, and innovation in AI on Economic Development. AI is changing finance
and economics by lowering errors and enabling better market results. It can alter the structure of
the world economy by determining individual prices based on various price elasticities. AI is
accelerating the shift to service economies, increasing productivity and efficiency, and creating
opportunities for international trade. AI is a machine learning system that has been trained using
data and is impacted by computational theory, data resources, and drive resources. With AI-
driven operating systems, it is intended to help people make wise decisions. Its special learning
capability enables it to get better over time.

Although the extensive use of AI may initially spur economic growth, an excessive
dependence on technology could result in hazards such as unemployment, moral and ethical
dilemmas, and privacy issues. The gap between theoretical study and real-world application in
AI development is caused by technical obstacles. Economic development and artificial
intelligence are becoming more and more linked. Significant research on artificial intelligence
(AI) and economic development (ED) over the past few decades has emphasized the expanding

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interaction of AI with a number of industries, including electricity demand forecasting utilizing

artificial neural networks for competitive pricing. It has become difficult for academics to have a
thorough understanding of the topic due to the intricacy of AI and economic advancement.
Although there are several assessments of the literature, their short-term research may
not demonstrate gradual changes over time. It is also challenging for academics to impartially
synthesize and organize the literature because of the highly selective and constrained nature of
the assessments. This work identifies knowledge gaps, novel concepts, and prospects for future
research by providing a thorough overview of AI&ED publications, collaboration patterns, and
intellectual structure using literature review. The current research takes a fresh and modern
method to investigating the relationship between artificial intelligence and economic progress. It
offers a thorough grasp of the multidisciplinary nature of AI's application in economic growth.
The research effort ensures that theory and practice are in line by outlining the evolution and
knowledge structure of AI and economic development using literature review and content
surveys.
Methods and Design of the Research
The analysis employs a two-step process to analyze bibliometric techniques and a
systematic literature review to identify research gaps in order to comprehend AI&ED research
and its relationship to economic development. A bibliometric analysis was employed in the effort
to determine the dynamic character of studies in AI&ED. Using the Web of Science Core
Collection database, more comprehensive search terms were found that encompassed pertinent
material. Using keywords that were consistent with the goal of the study, the field boundary was
determined. A quantitative technique for locating, characterizing, and assessing published
research is called bibliometrics. It overcomes the drawbacks of manual summary and lessens
subjectivity through scientific mapping and graphical display. It has developed into a vital tool
for academic researchers looking to go deeper and uncover new information. This work does
bibliometric analysis using complex algorithms and visual analytic tools, examining publication
patterns, sources, and intellectual organization. It also provides bibliometric maps for
comprehensive investigation. This work does bibliometric analysis using sophisticated
algorithms and visual analytic tools, examining publication patterns, sources, and intellectual
organization. It also provides bibliometric maps for comprehensive investigation. The
exponential increase shows how AI is being used more recently for economic development, but

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it also highlights the ongoing discussion in management research over AI's contribution to
economic development. The major goal of future research should be to use AI to improve
domain expertise. In order to overcome the constraints of current AI, Brain Intelligence, move
Beyond Artificial Intelligence introduces brain knowledge. AI technologies are becoming more
and more important to energy, equipment, and finance. At the academic mapping level,
conceptual, intellectual, and social structures in AI&ED concerns are identified by using the
technique of bibliometric methodologies.
Objective of the article
The main objective of this study is to examine Artificial Intelligence (AI) and Economic
Growth in relation to Decision-Making, Social Governance, Accelerate Industry 4.0, and Foster
Innovation in a macroeconomic theoretical assessment with the help of secondary sources of
information and statistical data pertinent to the research article's subject matter.
Theoretical Structure
Scholars can identify the research topic and prospective trends with the use of keywords,
which offer a wide and abstract comprehension of the research content of an article. The strategic
diagramming function of Bibliometrix divides area into four categories, measures centrality to
highlight inter-cluster interaction, and finds dominating themes in AI&ED research. Neural
networks, optimization, energy management, machine learning, data mining, categorization, and
forecasting are developing areas of study that are influenced by AI, big data, and IoT. The main
objective of this study article, taking into account the aforementioned facts, is to investigate
artificial intelligence (AI) and economic growth in relation to decision-making, social
governance, accelerating Industry 4.0, and fostering innovation in a macroeconomic theoretical
assessment. This will be done with the assistance of secondary sources of information and
statistical data relevant to the research article's subject matter. This perspective holds that the
current situation is very important, significant historically, and significant socially.

The Economic and Cognitive Framework

Three source clusters High-quality journals, representative sources, and dispersed sources
are seen when co-citation networks and nation collaboration maps are visualized, illuminating
the structure of the AI&ED field. Using Bibliometrix's Collaboration WorldMap function, the
analysis identifies China, the United States, and India as the global leaders in AI&ED
cooperation. Higher productivity is associated with increased cooperation rates. Despite the lack

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of sufficient researchers from other regions, the research shows that academics from the USA
and China are promoting robust partnerships and developing international links, as evidenced by
the high rate of publications.
Artificial Intelligence (AI) to Promote Economic Growth

Bibliographic coupling occurs when two publications cite a third common publication in
their bibliographies. As a similarity measure, it is often used to cluster similar research streams.
Obviously, the magnitude of coupling is proportional to the relevance of the research topic and
content between publications. The significant difference compared to co-citation analysis is that
bibliographic coupling analysis can better identify the distribution of recent research topics and
current trends in AI&ED, which can inspire us to ponder about future research. Thus, with the
assistance of the VOS viewer tool, Fig. 9 visualizes the coherent bibliographic network of the
AI&ED literature to detect similar subject areas, and determines the mindset of core researchers.

Since the bibliographic network generated cannot identify the number of controllable
and valid clusters, we set some filtering conditions and modulate some parameters to derive the
number of clusters that can be analyzed. Expressly, to obtain core insights and capture closely
linked research results within each cluster, we eliminate unconnected items to show the largest
set of connected items. What is more, in our study, we adjusted the minimum cluster size and set
it to 12 instead of the default of 1, which makes the final number of clusters more concentrated.
In fact, we have also fine-tuned the final rendering of the graph by changing the repulsion
parameter to -1, while leaving the attraction parameter as default. Finally, it generates highly
distinguishable clusters that are given different colors to highlight. In what follows, this paper
will review these five relatively independent research streams in detail. The five presented broad
research topics are: AI supports intelligent decision-making, AI empowers social governance,
AI enhances labor and capital, AI accelerates Industry 4.0 and AI fuels innovation.

Artificial Intelligence (AI) supports Smart Decision-Making

The study focuses on applying AI methods to make wise economic decisions. Applying
AI's knowledge representation and thought process to computer science, management, and
related fields is the process of generating intelligent decisions. However, since forecasting is
based on historical data and logical reasoning, accurate prediction is essential for making wise
judgments that work. The accuracy and dependability of forecasts have greatly increased thanks

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to AI technology, which also provides decision support features not seen in traditional statistical
analysis. Predictive modeling has become more popular as a result, since precise forecasts enable
wise decisions and optimize financial gains. Energy is essential to societal wellbeing and
economic growth. Estimating the demand for and cost of energy is contingent upon how
environmentally friendly the economy is. Swarm intelligence techniques were used to assess
electrical energy demand, and an optimal regression and artificial neural network model was
created to predict electric energy consumption and the accuracy of oil market prices. The
investigation analyzed energy usage using an ANN model and the TLBO method, and the
prediction performance was good.

Nevertheless, time series and fuel consumption variation criteria cannot be satisfied by a
single model. Several prediction models combined work well. AI algorithms are also utilized to
forecast changes in the economy and energy-related activities. The relationship between changes
in the economy and shocks to the price of oil points to the need for an AI early warning system.
It also analyzes the financial impact that energy efficiency improvements have on urban
development strategies. The approach makes use of artificial intelligence (AI) technology in two
areas such as land subsidence susceptibility and precipitation evapotranspiration index
prediction. Artificial intelligence (AI) technology may effectively identify COVID-19 patients
while reducing financial risk. It can also fill in information gaps using available data, improving
the effectiveness of radiological imaging utilized for detection. New fraud pathways pose a threat
to AI's efficacy in fraud detection. Future fitness applications should follow the trend of real-time
monitoring and advice based on exerciser data, which is required by the growth of the fitness
business. Decision support systems (DSS) were developed in the middle of the 1970s to enhance
the caliber of decision-making. The development of intelligent decision support systems (IDSS),
which are capable of handling complicated scenarios, is a direct result of the quick progress of
AI technology.

In order to monitor and address consumer needs, IDSS has been extensively researched
and applied in a variety of human economic activities, including transportation companies. The
work enhances knowledge representation and reasoning capacities by developing a regional
agricultural economics decision support system using AI techniques and multi-agent system
theory.

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Social Governance is Enhanced by Artificial Intelligence (AI)

AI technology is developing rapidly and improving a wide range of applications, which has
culminated in a new idea and structure for societal governance. Although AI-powered social
governance is still in its early stages of research, everyday tasks like big data analysis and picture
analysis have made extensive use of it. The growing idea of smart cities has been made easier by
AI's ability in handling large amounts of data. The COVID-19 pandemic has brought attention to
the big data integration that is essential to the smart city concept. Discussions about data sharing
for safe cities and urban health have been spurred by the pandemic. In addition to having
possible negative effects on a country's or region's politics and economy, strengthening
procedures can help with worldwide management, prevention, and design of epidemics.
AI is revolutionizing a number of industries, including finance, social industries, and
government governance. AI algorithms are being used by administrative agencies to enhance
government intelligence, while information technology breakthroughs are revolutionizing bank
operations. In order to increase economic efficiency, AI is also changing marketing, accounting,
and education. While AI accelerates up social governance and economic development, it also
raises issues with morality, the law, and governance principles. Although big data offers useful
information for AI, privacy and data-related issues are still a worry. While some academics
contend that protecting property rights may impede the freedom of speech and information,
others support striking a balance between data protection and data-related issues. It is not
required to create new rights because the case for data property rights is not sufficient. The three
phases of AI research are mechanical, thinking, and feeling, with feeling AI developing more
slowly. AI systems are biased and violate people's rights. There are worries that government
workers would eventually be replaced by digital robots as a result of government agencies
implementing AI for administrative decision-making and constitutional democracy. Because AI
depends on people, human subjectivity is challenged, which calls for greater empathy and an
emotional component in the workplace. Through AI design and algorithm diversity, a new
civilization embracing democracy, the rule of law, and human rights is feasible.
The Benefits of Artificial Intelligence (AI) for Labor and Capital
AI enhances the quality of labor and capital, promoting economic growth. In conventional
economic models, labor, capital, and total factor productivity (TFP) are taken into account.
Economic growth is also facilitated by higher TFP and technological advancements. Extensive

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application of AI fosters economic growth. The advancement of AI has lowered the costs
associated with traditional automation and created new avenues for intelligent automation. This
change promotes capital substitution and lessens reliance on human labor. Because AI is self-
learning and self-renewing, it can quickly produce high-end labor, which accelerates economic
development by meeting complicated labor demands in automated jobs. AI technologies
augment labor and physical capabilities by increasing capital and labor efficiency. Collaboration
between humans and machines boosts output and encourages employees to concentrate on their
areas of strength. Because of this, labor productivity has grown in areas like predicting the depth
of local scour for bridge piers, which calls for specialized knowledge.
A novel support vector regression model based on the hybrid smart artificial firefly
colony technique was created. Building secure, economical bridge substructures and
implementing networked intelligent production lines are two ways the framework helps the
manufacturing sector increase capital quality, decrease errors, and boost production efficiency. It
has been demonstrated that artificial intelligence (AI) boosts total factor productivity (TFP) and
promotes economic growth. Economists disagree on whether it is sustainable, though. Some
predict that AI will supplant labor, increasing unemployment and disparities in income. This
might lead to a downturn in the economy through economic stagnation, a decrease in wage
growth, and a rise in investments.
The optimistic school of thought, AI can replace labor but won't always have a negative
effect on employment. AI technology raises the quality of the workforce while simultaneously
enhancing economic value, requiring human resources for research, design, and maintenance.
But the way AI affects labor demand and employment prospects will probably open up new
doors. Inappropriate labor market and education policies may lessen the good effects of the
transitional phase between frictional unemployment and economic growth, which is dependent
on institutions and policies.
Industry 4.0 is Accelerated by Artificial Intelligence (AI)

Watt invented the steam engine, which enhanced industrial efficiency and heralded the
Industrial Revolution 1.0. In the period of Industry 2.0, factories grew more productive. Cyber-
physical systems with increased capabilities for both humans and machines were introduced in
Industry 4.0, whereas computers and automation were introduced in Industry 3.0. Despite their
reliance on earlier stages, these technologies have maximized the third computerized industrial

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revolution. Because Industry 4.0 technology is erasing distinctions between the digital,
biological, and physical domains, it is revolutionizing human existence. Its goal is to redefine the
industry chain by developing a digitized, customized, and adaptable manufacturing pattern. With
social scientists identifying artificial intelligence (AI) as the primary technology of the fourth
industrial revolution, AI is predicted to play a significant part in the production paradigm of the
future. AI, the digital revolution, and technology advancements are the main topics of Industry
4.0. Intelligent solutions need to be incorporated into production processes in order to compete.

Integrating AI into the value chain has been the subject of research. To improve Industry
4.0 sustainability, hybrid adaptive neuro-fuzzy inference systems (ANFIS) and AI models have
been developed to optimize robotic arms and milling settings. New uses of AI in Industry 4.0
have been identified by academics, and these include computer vision, robotics, maintenance,
inventory management, and predictive analytics. Infrastructures, data, algorithms, decision-
making, and goals are areas where industrial AI thrives. It gives systems the ability to sense their
surroundings, manage data, and do difficult jobs. Even if autonomy is crucial, human
intelligence might be more useful in factories of the future where various degrees of autonomy
are appropriate for various requirements. Industry 4.0 is an initiative that combines software and
hardware components to build intelligent factories.

Although there are chances for economic growth, putting it into practice is difficult
because of the expenses and unpredictability involved. Since technology and software might not
be able to cover Industry 4.0's unlimited event space, it begs the issue of whether it even exists.
Though it has to overcome obstacles including large training data sets, processing power
constraints, and distinct manufacturing settings, industrial AI has great potential to thrive in
Industry 4.0 by resolving security concerns and identifying threats.

Artificial Intelligence (AI) Encourages Creativity and Innovation

Since AI technology has greatly increased productivity, its influence on economic

dissemination of innovation is sometimes disregarded. As society adjusts to the fourth industrial
revolution, original ideas and creative thinking are becoming more commonplace. Innovation in
the business world is a multi-step process that turns concepts into new goods, services, or
procedures. At this point, AI mostly enhances human performance, which makes achieving

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complete autonomy challenging. This raises the issue of whether it has the ability to dominate or
have an impact on innovation management. Artificial intelligence (AI) has the ability to replace
humans in decision-making, but it also has the capacity to produce novel insights and creative
solutions. By assisting human innovators in coming up with original ideas and compiling
proposals, AI can increase the productivity of invention. By directing choices and automating
services, it can also influence business habits, increasing productivity and profitability.

AI is also capable of autonomous innovation, upending established patterns and

revolutionizing the process as a whole. Not only can it increase the efficiency of research, but it
can also write new scripts for invention. Due in large part to the difficulties caused by the
competitive landscape and the growing volume of data being gathered, AI adoption in innovation
is being emphasized. This is difficult to manage and absorb the high human costs of with little
human resources. AI is a potent tool for innovation, nevertheless, because of its advantages in
humanization, user interaction, intellect, and product design. Artificial intelligence (AI)
accelerates the creation of new knowledge, improves learning, and increases talent and R&D
investments. While AI can be beneficial for creative work, it also carries certain unknown risks.
An over reliance on AI could lead to dangers down the road. In developing AI, ethical concerns
are addressed through responsible innovation. It ought to be centered on risk management,
meeting human needs, and establishing international governance frameworks. In order to
facilitate these tasks, this strategy seeks to prevent harm, be human-centered, and promote global
governing mechanisms.
Theoretical Consequences and Future Research Directions
The analysis highlights the important role that AI plays in economic development and the
wide range of areas that still need to be explored by offering theoretical insights and conceptual
contributions on AI applications in national economic growth. The use of AI in the economy has
grown, particularly since the pandemic, and is now more crucial to economic growth. Because
AI is multidisciplinary, developing scenario-based skills and uniting theoretical underpinnings
are necessary to create a functional paradigm. Future research should concentrate on the viability
and efficacy of interdisciplinary integration to address the demands of economic development.
Collaboration between stakeholders and policy makers is necessary for the implementation of AI
in economic contexts. A community of professionals can handle real-world implementation
issues in AI and accelerate theoretical advances.

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AI-based prediction in economic operations still need improvement in systemic and

scientific aspects. The COVID-19 pandemic has exacerbated economic uncertainty, demanding a
data analysis and cognitive ambiguity in predicting. As such, modeling of uncertainty prediction
should be emphasized in future AI&ED challenges. In order to increase the utilization and
robustness of AI models, such as energy forecasting and warning mechanisms, the research
highlights the importance of international collaboration. The bibliographic coupling analysis
highlights the need for stable implementation and further research by identifying important
sectors of AI&ED, such as intelligent decision-making, social governance, labor and capital,
Industry 4.0, and innovation. Future research should focus on developing an AI ethical
framework and legal structure. AI is a sophisticated blend of labor and capital that creates a fear
of unemployment. Tackling the imbalance is essential. Industry 4.0 is being led by AI, although
the framework is still being planned. The primary objective is to construct an Industry 4.0 smart
plant. While cautious innovation is necessary to manage unpredictable dangers, AI can augment
human ingenuity.
The practical Consequences

This work offers useful insights for the advancement of AI in the future, with the goal of
removing barriers and fostering broad use in commercial endeavors. The content evaluation and
bibliometric analysis give practitioners a thorough grasp of AI's evolution and boost their
confidence in the technology's ability to revolutionize economic activity. Concise findings from
literature analysis can help practitioners assess trade-offs and design decisions, lowering
obstacles to the integration of AI into economic activities and advancing the field of AI for
applications that are more advanced. The social structure analysis helps practitioners find
chances for collaboration by highlighting nations with higher AI&ED performance.

AI is helping leaders and policymakers by quickly becoming a competitive differentiator

for economic development. Legal and ethical considerations should be at the forefront of AI's
contribution to human economic activity. Technological shortcomings, security issues, and
safety hazards should all be addressed by policymakers. To compensate for technical
shortcomings, more money must be invested and policy protection must be provided. It is
essential to uphold human privacy and create reasonable legislative requirements for data

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security. To make AI decisions more moral, a professional code of ethics for AI should include
human ethical standards and humanism in design and development.
Summary, Conclusions and Limitations
In order to address the fragmented scientific debate around the economic applications of AI
technology, this article assesses previous research in the field. For a thorough and impartial
discussion, we as a society combine classic qualitative literature evaluation methods with
cutting-edge bibliometric methodologies. The last few years have seen a considerable growth in
the fields of ED and AI. Artificial neural networks are fed X-ray imaging data for automatic
COVID-19 case detection. The science mapping provides a useful summary of the corpus of
current knowledge. IoT and big data are subjects of interest, and forecast research is still
relevant. The growing COVID-19 agenda and international academic exchange. Popular research
areas in AI&ED, including innovation, labor and capital, social governance, Industry 4.0, and
intelligent decision-making, are outlined in the research paper. It carries out a comprehensive
review to give practitioners a theoretical foundation and to identify research gaps for researchers.
By doing this, they will be able to fully utilize AI's potential for economic growth and encourage
more study in this area.

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