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Artificial Intelligence as a general-purpose technology: an historical perspective

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journal contribution
posted on 2023-06-09, 23:57 authored by Nicholas Crafts
This paper looks at the impact on productivity of general-purpose technologies such as steam, electricity, and ICT. It finds they had big effects but only with a lag which was substantial in the first two cases. The experience of the First Industrial Revolution is explored and it is found that this is not a template for a general-purpose technology having a major adverse effect on workers’ living standards. The essence of that industrial revolution was not rapid productivity growth in the short run, but the ‘invention of a new method of invention’ which increased technological progress in the long run. Since artificial intelligence is potentially a general-purpose technology that raises the productivity of research and development, it may be the basis for a Fourth Industrial Revolution.

History

Publication status

  • Published

File Version

  • Accepted version

Journal

Oxford Review of Economic Policy

ISSN

0266-903X

Publisher

Oxford University Press

Issue

3

Volume

37

Page range

521-536

Department affiliated with

  • Economics Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2021-06-01

First Compliant Deposit (FCD) Date

2021-05-30

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