The discussion concerning the role that artificial intelligence (AI) is expected to assume in modern society, the economy, and business is becoming increasingly intense and comprehensive. (Krugman, Foreign Aff 73:28–44, 1994) has, at times, expressed scepticism about how the concept of “competitiveness” is used in policy discourse, particularly when it’s narrowly defined in a way that may not fully capture the complexities of a nation’s economic well-being, stamping it with “dangerous obsession” and arguing that it is often misunderstood or oversimplified. Building on the parallel between the hype in the 1990s around the developing theory of competitiveness and nowadays hype over the AI progress, its impact on society and economy, and the expected near future, we try to discuss how dangerous can the obsession with the AI be? Especially in times of crises and instabilities, and the acute need to manage them. However, even that concerns are expressed by various authors, scholars, and experts in the field of AI’s ethics and safety, aspects related to crises economic policy and management in the light of AI are still conspicuously not sufficiently present into the scientific discourse. The aim of this study is to systematically investigate the role of AI in economic crises policy and management, considering various aspects of its impact, including its potential to enhance efficiency and productivity, its capacity to establish a new prerequisite for growth, its potential as a threat bordering on the extreme, and its inherent role as a stabilizing factor in the interplay between competitiveness, cooperativeness, and the preservation of the social contract during times of crisis. The research methodology primarily relies on a review of existing scientific knowledge, societal and policy debates. Additionally, attempts are made to accumulate empirical knowledge, although it cannot be claimed to be representative due to the scale and scope of the task. Nonetheless, the results reveal the ambiguity of expectations regarding the level of influence and control within the relatively irreversible stage attained in the process of technological progress through artificial intelligence technologies.