In my opinion, the economy in large measure is driven by what we can do (technology and productivity) and what we believe (expectations), and they can be self-reinforcing. The rise of Artificial Intelligence has created a wide range of expectations about the automation of work and the impact on productivity, which is not only about how fast we can do things, but what things we can do.
Two great articles explore this topic, one long, one short. A little time but worth it.
The Long: Benedict Evan is a venture capitalist focusing on his technology. This in-depth article from his blog posits that “ChatGPT and generative AI will change how we work, but how different is this to all the other waves of automation of the last 200 years? What does it mean for employment? Disruption? Coal consumption?” We’ve been here before with the steam engine, telegraph, electricity, and other technology breakthroughs. What will be different this time. Check out Mr. Evans thoughts on “AI and the automation of work.”
The Short: I featured this short article several months ago but it’s a more concise offering if you don’t have time for the longer suggestion above. It explores of how AI may impact the economy by boiling the question down to how “2 Factors Will Determine How Much AI Transforms Our Economy.”
