If you listen to tech industry leaders, business-sector forecasters, and much of the media, you may believe that recent advances in generative AI will soon bring extraordinary productivity benefits, revolutionizing life as we know it. Yet neither economic theory nor the data support such exuberant forecasts.
BOSTON – According to tech leaders and many pundits and academics, artificial intelligence is poised to transform the world as we know it through unprecedented productivity gains. While some believe that machines soon will do everything humans can do, ushering in a new age of boundless prosperity, other predictions are at least more grounded. For example, Goldman Sachs predicts that generative AI will boost global GDP by 7% over the next decade, and the McKinsey Global Institute anticipates that the annual GDP growth rate could increase by 3-4 percentage points between now and 2040. For its part, The Economist expects that AI will create a blue-collar bonanza.
BOSTON – According to tech leaders and many pundits and academics, artificial intelligence is poised to transform the world as we know it through unprecedented productivity gains. While some believe that machines soon will do everything humans can do, ushering in a new age of boundless prosperity, other predictions are at least more grounded. For example, Goldman Sachs predicts that generative AI will boost global GDP by 7% over the next decade, and the McKinsey Global Institute anticipates that the annual GDP growth rate could increase by 3-4 percentage points between now and 2040. For its part, The Economist expects that AI will create a blue-collar bonanza.