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MAMLM as a General Purpose Technology: The Ghost in the GDP Machine
Silicon Promises, estimated statistics, sunnier realities: the slow diffusion of “artificial Intelligence”. rom steam to silicon, history’s most transformative inventions rarely deliver on schedule—or as advertised—in the short- and the medium-run. The true transformation of work, wealth, and society will be slower, messier, and far more uneven than Silicon Valley’s PowerPoint prophets would have you believe. If history is any guide, the productivity revolution will come not with a bang, but with a series of small, cumulative changes—provided we have the patience, and the institutional imagination, to see it through…
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Torsten Slok believes in AI, macroeconomically:
Torsten Slok: Productivity Gains Are Coming <https://www.apolloacademy.com/productivity-gains-are-coming/>: ‘The Census conducts a biweekly survey of 1.2 million firms, and one question is whether a business has used AI tools such as machine learning, natural language processing, virtual agents, or voice recognition to help produce goods or services in the past two weeks, see chart below. Nine percent of firms reported using AI, and the rising trend in AI adoption increases the likelihood of a rise in productivity over the coming quarters:
Share Brad DeLong's Grasping Reality
But by how much?
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Silicon Promises, estimated statistics, sunnier realities: the slow diffusion of “artificial Intelligence”. rom steam to silicon, history’s most transformative inventions rarely deliver on schedule—or as advertised—in the short- and the medium-run. The true transformation of work, wealth, and society will be slower, messier, and far more uneven than Silicon Valley’s PowerPoint prophets would have you believe. If history is any guide, the productivity revolution will come not with a bang, but with a series of small, cumulative changes—provided we have the patience, and the institutional imagination, to see it through…
Share
Torsten Slok believes in AI, macroeconomically:
Torsten Slok: Productivity Gains Are Coming <https://www.apolloacademy.com/productivity-gains-are-coming/>: ‘The Census conducts a biweekly survey of 1.2 million firms, and one question is whether a business has used AI tools such as machine learning, natural language processing, virtual agents, or voice recognition to help produce goods or services in the past two weeks, see chart below. Nine percent of firms reported using AI, and the rising trend in AI adoption increases the likelihood of a rise in productivity over the coming quarters:
Share Brad DeLong's Grasping Reality
But by how much?
Read more