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If AI lifts off, will living standards follow?
Champions of artificial intelligence claim it could fuel genuine economic growth. Will it?
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Maybe increasing the rate of economic growth in the age of AI isn’t easy. Imagine the robot masseur that only occasionally snaps your neck; or the self-driving car that rarely mistakes you for trash blowing across the road.
PHOTO: REUTERS
Tim Harford
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Once artificial intelligence (AI) really gets going, how fast can the economy grow? Five per cent a year? Ten per cent? Fifty per cent? Name your number. If you want press coverage, make it a big one.
ARK Invest, an investment manager focused on disruptive innovations, has argued that 7 per cent real gross domestic product (GDP) growth is plausible. Epoch AI, a think-tank focusing on AI trends, has suggested that growth rates could exceed 20 per cent a year, once certain preconditions are met.
