Recent Delhi: While generative AI is a recent development, there is already powerful evidence that, like a steam engine, it has all the features required of a general-purpose technology, argued Andrew McAfee, co-founder and co-director of the MIT Digital Economy Initiative and principal research associate at MIT Sloan School of Management. Since the Industrial Revolution, a handful of technologies have proven powerful enough to accelerate overall economic progress, the author said in his report, “The Economic Impact of Generative Artificial Intelligence.” These “general purpose technologies” include the steam engine, the internal combustion engine, electrification, and the computer.
In the report, the author presented the thesis that generative artificial intelligence is a fresh general-purpose technology that can spread faster than its predecessors.
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The opinions expressed in this report are solely those of the author
Generative AI is a recently developed type of artificial intelligence capable of creating fresh and original content such as text, images, video and audio. It accomplishes tasks by learning statistical patterns from existing data and then using those patterns to generate fresh results on demand.
“General-purpose technologies not only boost productivity and economic growth, but also contribute to many other types of progress. We predict that generative AI will accelerate scientific discovery, facilitate innovators and engineers build better, and provide artistic people with fresh ways to express themselves and engage audiences,” the author wrote in a recently published report.
The author argued that fresh technologies, apart from benefits, also bring challenges. Citing examples, he argued that the internal combustion engine, for example, pollutes the atmosphere, makes conflicts deadlier, and leads to massive shifts in employment as workers move from farms to factories.
“But in the long run, the overall effect of technological progress is extremely positive. In recent decades, working hours have declined and living standards have improved around the world.”
According to estimates, the author found that for nearly 80 percent of jobs in the American economy, at least 10 percent of tasks could be completed twice as quick (without loss of quality) through the exploit of generative artificial intelligence.
Previous general-purpose technologies, such as the steam engine and electrification, have changed over the decades. However, the author predicts that the effects of generative artificial intelligence will be felt faster due to the ease of its dissemination.
“In addition to faster growth, generative AI will bring other changes. It will reduce demand for some skills, boost demand for others and create demand for completely fresh ones,” he added.
“Previous general-purpose technologies have driven changes in leading companies and countries across industries. We believe that generative AI will be equally powerful.”
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