Generative artificial intelligence (AI), especially large language models (LLMs) like ChatGPT, offers tremendous promise for economic analysis. In this paper, we look at six main areas where LLMs might be helpful to economists: brainstorming and suggestions, writing, studies and background, data analysis, coding, and algebraic derivations. The study proposes that economists may significantly increase their efficiency by scripting micro-tasks using generative AI and provides concrete implementation instances by classifying LLM capabilities from experimental to very helpful. Cognitive automation driven by AI will have far-reaching consequences for economics in the future since productivity increases are directly proportional to the rate of AI system performance improvement. Access the most recent instructions and updates on the most cutting-edge creative AI features in economics with the associated online tools.
There are no data available for sharing in this work.
All authors declare the absence of any conflicts of interest.
The author takes full responsibility for the entire study process, including design, data collection, analysis, and manuscript writing.
No grants from public, commercial, or non-profit funding agencies supported the research, authorship, or publication of this article.
There is no software or tools usage information relevant to this research.
My gratitude goes to those who assisted in this study and manuscript preparation, and to the anonymous reviewers for their constructive insights.
-