Economics of AI
Recent breakthroughs in generative AI and Large Language Models have unleashed seismic shifts, profoundly impacting productivity, wages, and income inequality.
The impact of AI adoption on productivity and economic growth is anything but simple - it is a profound, multifaceted phenomenon that is already reshaping the macroeconomic landscape. Recent breakthroughs in generative AI and Large Language Models have unleashed seismic shifts, profoundly impacting productivity, wages, and income inequality.
Yet, as we grapple with AI's far-reaching implications, it's critical to approach the topic with a healthy dose of skepticism. The tech industry has a notorious track record of building up grand visions of disruption, only to invariably cycle through waves of hope and disappointment. Cutting through the hype is essential to truly understand AI's nuanced, long-term economic ramifications.
The remarkable technical progress witnessed in the past year, with ChatGPT reaching 100 million monthly users in just two months, suggests that truly transformative implications, including the possibility of artificial general intelligence (AGI), may be on the horiz…