Erik Brynjolfson, an MIT economics professor, says:
- “We are optimistic about the ultimate productivity growth fuelled by AI and complementary technologies
- The real issue is that it takes time to implement changes in processes, skills and organisational structures to fully harness AI’s potential as a GPT (General Purpose Technology)”
Benefits from specific applications are already being realised but broader economic effects from widespread adoption have yet to gain momentum so we await many more applications, steady improvements and the spawning of complementary innovations
And this could take years, even decades
Professor Rodney Brooks, MIT emeritus professor of robotics, says:
- “Having the ideas about AI is easy
- Turning them into reality is hard
- Deploying them at scale is even harder
- Realising the benefits of AI is not automatic, nor is it fast
- It will require great effort and entrepreneurship to develop the needed complements and adaptability at individual organisational and social levels
- Major adjustments to business processes, capital infrastructure and job design will be needed to realise their full economic value”
Conclusion: The coming economic resurgence due to AI could be as big or bigger than any of the others seen in the past