Economics of AI/ML and Big Data in the Data-Driven Economy: Implications for Canada’s Innovation Strategy

Technological change in the form of artificial intelligence (AI) and machine learning (ML) based on Big Data has profound implications for the way innovation is conducted and for the economy into which innovation flows. This note sketches out the implications of the evolving character of innovation for the nature of the instruments that have been developed to incentivize it, reviews the nature of the data-driven economy, and draws out implications for Canada’s innovation strategy.