Economics
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Professor Andrew J Scott
"Ensuring that technological progress leads to social progress often requires new markets and changes in institutions, policies and regulations. Whether it be about how the labour market and public finances adapt to AI and Robotics or how health systems adjust to breakthroughs in biology, shifts in the disease burden and developments in AI, economics provides analysis of how society can respond to ensure the broadest social benefits from scientific progress."
Building the economic foundations for a better future
Economics is a powerful tool for impact: it can quantify societal benefit in order to identify the most impactful solutions, set targets and understand trade-offs. It’s also the language of government and business, making it crucial to delivering systems level change.
Our purpose is to help shape a future where bold ideas become innovation,and innovation drives real-world benefit. Our team of economists build the evidence and economic case for transformative solutions through pioneering theory and data-driven insight, creating impact on a worldwide scale.
Shaping, scaling and measuring impact to bring about solutions to societal problems
Economics provides a cross-cutting capability working across scientific programs, commercial opportunites and policy.
Building the economic case for transformative change
Our team of economists, policy experts and researchers are working to build the economic case for innovative approaches to the world’s most complex challenges.
Providing quantitative rigour
Developing economic models, indicators and targets to drive and measure their impact.
Shaping the future of economics
We are building a community at the intersection of research, policy and commercial solutions. Drawing on theory and empirics, and collaborating across a range of intellectual disciplines, we will provide the economics research and training to generate transformative change.
The economic consequences of AI and robotics
Rapid developments in AI hold out the prospect for dramatic innovations in science while advances in robotics will lead to autonomous labs. Together these have the potential to accelerate innovation and scientific productivity, a core tenet of the multidisciplinary approach of EIT.
However, the impact of AI and Robotics will stretch far beyond scientific research as increasingly they outperform, complement or compete with human physical and cognitive ability. Understanding the broader economic implications of these changes and how to ensure that technological progress feeds into social progress is an area of focus for the Economics team
The impact of GDP and employment
What impact will AI and robotics have on income and employment? How quickly will change happen and who will be most affected? What change is already occurring?
What will happen to the rate and direction of technological progress?
How will AI and robotics impact the rate of technological progress and in what areas will breakthrough be most likely? What will determine the rate of change and the potential limits to innovation?
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How should institutions and organisations respond?
In a world of rising output but potentially falling employment how should tax and benefit systems adjust? How do we protect those most impacted and ensure broad based welfare gains? How should our health and education systems respond to rapid technological change?
We’re gathering the greatest minds
EIT is growing rapidly and we are recruiting at pace. Thrive in a dynamic and fast-paced work environment, learning and growing every day alongside experts in science and technology.