AI as General Purpose Technology Like Internet
Artificial intelligence is being described as a general purpose technology, similar to electricity or the internet. Economists note that such technologies often require time to demonstrate their full impact. Unlike a specific tool like an ATM for banking, AI has broader applications.
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Sources · 7 independent
WAMU 88.5 DC
“kind of economic history can help us better understand what to expect. One thing that's different about AI compared to our bank teller, an ATM example, is that an ATM was just meant for banking. AI is what economists and others often call a general purpose technology, more like electricity or the internet. And something we see with general purpose technologies is they often take time to do something.”
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