A New Report Explores The Economic Impact Of Generative AI
Google News, Thursday, April 25th, 2024
Generative AI is one of the rare technologies powerful enough to accelerate overall economic growth - what economists call a 'general-purpose technology.' These innovations have the potential to positively transform economies and societies.
By one estimate, close to 80% of the jobs in the U.S. economy could see at least 10% of their tasks done twice as quickly (with no loss in quality) via the use of generative AI.
Previous general-purpose technologies like the steam engine and electrification have brought their changes over decades. However, we anticipate that generative AI's effects will be felt more quickly due to its ability to diffuse quickly via the internet and its ease of use owing to its natural language interface.
This technology is already delivering large productivity gains, which will increase and spread as people and organizations come up with complementary innovations that leverage generative AI's capabilities. As a result, overall productivity will improve, resulting in an acceleration of economic growth.