The global adoption rate of artificial intelligence (AI) is rising, indicating its transformative potential. However, this adoption is far from uniform, with low-income countries (LICs) trailing behind significantly. Despite needing AI for development, LICs face multiple challenges in harnessing its benefits, exacerbating existing global disparities in technology adoption. In spite of the potentially important role that AI can play in the development of LICs, AI literature overlooks these countries, with research predominantly focused on more advanced economies. This lack of inclusivity contradicts the principles of distributive justice and global equity, prompting us to explore the importance of AI for LICs, offer a theoretical grounding for AI catch-up, identify effective AI domains, and propose strategies to bridge the AI gap. Drawing insights from the leapfrogging and absorptive capacities literature, our position paper presents the feasibility of AI catch-up in LICs. One crucial finding is that there is no one-size-fits-all approach to achieving AI catch-up. LICs with strong foundations could favor leapfrogging strategies, while those lacking such foundations might find learning and acquisition prescriptions from absorptive capacity literature more relevant. The article also makes policy recommendations that advocate for the swift integration of AI into critical LIC domains such as health, education, energy, and governance. While LICs must address challenges related to digital infrastructure, human capital, institutional robustness, and effective policymaking, among others, we believe that advanced AI economies and relevant international organizations like UNESCO, OECD, USAID, and the World Bank can support LICs in AI catch-up through tech transfer, grants, and assistance. Overall, our work envisions global AI use that effectively bridges development and innovation disparities.

The emergence of ChatGPT, a generative artificial intelligence tool, has sparked a revolution in the finance industry, enabling individuals to interact with technology in natural language. However, the use of ChatGPT in finance presents a profound array of ethical considerations that demand careful scrutiny to ensure its responsible and ethical use. After a concise exploration of ChatGPT's applications in finance, this policy article delves into the ethical challenges arising from the use of ChatGPT in finance, including outcomes contaminated with biases, incorporation of fake information in the financial decisions, concerns surrounding privacy and security, lack of transparency and accountability in the decision-making processes and financial services, human job displacement, and the intricate web of legal complexities. Our article asserts that financial institutions employing ChatGPT must proactively devise strategies to confront these burgeoning challenges, mitigating their adverse effects on both individuals and society as a whole. Additionally, we propose relevant policies to tackle these ethical quandaries head-on. In essence, this article illuminates the imperative need for a meticulous ethical framework, facilitating an informed and responsible use of ChatGPT in the realm of finance, safeguarding the welfare of individuals and society. While our work significantly contributes to the research and practice of finance, we also identify future research avenues.

The Artificial Intelligence (AI) revolution foretold of during the 1960s is well underway in the second decade of the twenty first century. Its period of phenomenal growth likely lies ahead. AI-operated machines and technologies will extend the reach of Homo sapiens far beyond the biological constraints imposed by evolution: outwards further into deep space, as well as inwards into the nano-world of DNA sequences and relevant medical applications. And yet, we believe, there are crucial lessons that biology can offer that will enable a prosperous future for AI. For machines in general, and for AI's especially, operating over extended periods or in extreme environments will require energy usage orders of magnitudes more efficient than exists today. In many operational environments, energy sources will be constrained. The AI's design and function may be dependent upon the type of energy source, as well as its availability and accessibility. Any plans for AI devices operating in a challenging environment must begin with the question of how they are powered, where fuel is located, how energy is stored and made available to the machine, and how long the machine can operate on specific energy units. While one of the key advantages of AI use is to reduce the dimensionality of a complex problem, the fact remains that some energy is required for functionality. Hence, the materials and technologies that provide the needed energy represent a critical challenge toward future use scenarios of AI and should be integrated into their design. Here we look to the brain and other aspects of biology as inspiration for Biomimetic Research for Energy-efficient AI Designs (BREAD).

Understanding the spatial or geographical dependence of income inequality and regional inequality is crucial in the study of inequality. This paper employs a multi-scale, multi-mechanism framework to map and analyze historical patterns of regional and income inequality in the United States (US) by using state and regional panel data spanning over a century. To explore the patterns systematically and see the role of spatial partitioning, we organize the data around several established geographical partitions before conducting various geographical information system (GIS) analyses and statistical techniques. We also investigate the spatial dependence of income inequality and regional inequality. We find that spatial autocorrelation exists for both types of inequality in the US. However, the magnitude of spatial dependence for regional inequality is declining whereas it is volatile for income inequality over time. While income inequality has been at its peak in the most recent decades, we also notice that regional inequality is at its lowest point. As for the choice of partitioning, we observe that within inequality dominates for Census Divisions and Bureau of Economic Analysis (BEA) regions. Conversely, we see that between inequality overall contributes the most to the inequality among Census Regions.

European law now requires AI to be explainable in the context of adverse decisions affecting the European Union (EU) citizens. At the same time, we expect increasing instances of AI failure as it operates on imperfect data. This paper puts forward a neurally inspired theoretical framework called “decision stacks” that can provide a way forward in research to develop Explainable Artificial Intelligence (X-AI). By leveraging findings from the finest memory systems in biological brains, the decision stack framework operationalizes the definition of explainability. It then proposes a test that can potentially reveal how a given AI decision was made.