As global economic growth slows, many hope technological innovation is a potential solution.
The International Monetary Fund’s latest World Economic Outlook, for example, highlighted the potential of artificial intelligence to boost productivity and gross domestic product. But the report also warns that given the uncertainties surrounding the extent of AI’s impact, such forecasts should be approached with a dose of caution. While AI could usher in an era of prosperity, this outcome depends on how these emerging technologies evolve.
The current wave of techno-optimism, along with anxiety about emerging technologies’ potential implications for labor markets, can be attributed to the notion that AI is what economists call a “general-purpose technology.” Such innovations permeate the entire economy rather than being confined to a single sector.
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