This technical report is underpinning the European added value assessment by the European Parliament Research Service on "European framework on ethical aspects of artificial intelligence, robotics and related technologies". The report can be found in the attachment to the said assessment. The European Union, through legislation such as the General Data Protection Regulation, has looked to implement new rules for the digital economy that protect citizens fundamental rights and meets both existing and emerging ethical standards. While many studies have examined the social implications of legislation designed to protect rights in emerging domains such as artificial intelligence and robotics, few have considered the economic implications of an ethical framework. While some researchers and practitioners argue that legislation designed to protect citizens have an economic cost, this study demonstrates that an ethical framework for artificial intelligence – by helping to further social acceptance of new technologies and providing other benefits– not only helps maintain ethical standards, but also creates net economic benefits. By 2030, an ethical legislative framework for artificial intelligence and robotics could create between 3.3-4.6 million jobs and add €221-299 billion to the European economy.