An Economic Approach to—and Business Application of—Artificial Intelligence

This research work is motivated by both groups of ongoing unlimited opportunities, challenges, and alarming potentials for abuses, fraud, and spread of disinformation. The bifocal stress of the project is on economic essence and framework for assessment of both potential efficiencies in productivity and potential costs of AI in an economy, industry, or a business unit. The topical issue of the attention extent of AI in business public relations, as a potential perspective to a relevant economic cost-benefit analysis is cited in this research. AI is, in its essence, a technological component of capital in production of goods, services, public relations, and advertising. Hence, the productivity model, cost framework, and profit optimization methodologies are all integrated into a system of interrelated equations. Businesses and dynamic organizations are supposed to devote a more cohesive attention to uncertainties, probabilities, and more importantly, to the extent of presence and/or lack of attentions to the AI capital in search of a sustainable viability and thriving niche in their heavily competitive digital age. Our goal is to strive in compilation of massive data in our prospective research works in a more application-oriented inquiry than this current work.