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Abstract
This article aims to offer a heterodox perspective on the productivity-pay gap in the United States in light of the ongoing disruptive changes within leading industries driven by the widespread adoption of artificial intelligence (AI). We present robust arguments that the application of AI-type technologies across various industries and domains is likely to not only exacerbate the existing productivity-pay gap but also change the way this gap is generated. We suggest that deploying decision-making AI algorithms in economic processes could empower capital-technology owners at the expense of the traditional managerial technostructure, potentially re-establishing the possession of capital as the main driver of income inequality. In addressing the potential economic and social costs of the current trajectory of AI technologies, some of the major concepts in heterodox economics may prove useful.
Disclosure Statement
No potential conflict of interest was reported by the author.
Notes
1 A clear illustration of this trend is evident in stock markets, where high-speed computer trading has substituted much of human decision making (West Citation2018).
Additional information
Notes on contributors
Kosta Josifidis
Kosta Josifidis is at the University of Novi Sad, Serbia. Novica Supic is on the Faculty of Economics at the University of Novi Sad, Serbia.
Novica Supic
Kosta Josifidis is at the University of Novi Sad, Serbia. Novica Supic is on the Faculty of Economics at the University of Novi Sad, Serbia.