Top Highlights

• For the productivity gains to materialize, advances in AI have to disseminate throughout the economy. Traditionally, this has always taken time, so we would not expect potential productivity gains to show up immediately.
• The primary determinant of our long-term prosperity and welfare is the rate of productivity growth: the amount of output created per hour worked.
• Other LLMs that were recently rolled out publicly include Google’s Bard and Anthropic’s Claude. But generative AI is not limited to text: in recent years, we have also seen generative AI systems that can create images, such as Midjourney, Stable Diffusion or DALL-E, and more recently multi-modal systems that combine text, images, video, audio and e...
• The primary determinant of our long-term prosperity and welfare is the rate of productivity growth: the amount of output created per hour worked. This holds even though changes in productivity are not immediately felt by everyone and, in the short run, workers’ perceptions of the economy are dominated by the business cycle. From World War II until ...
• he advances need to be taken up and rolled out by businesses and organizations that employ cognitive labor throughout the economy, including small and medium-sized businesses, some of which may be slow to realize the potential of adapting advanced new technologies or may lack the required skills to use them well.

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