![]() GPTs are best described by economists as “changes that transform both household life and the ways in which firms conduct business.” The four most important GPTs of the last two centuries were the steam engine, electric power, information technology (IT), and artificial intelligence (AI).Īll these GPTs inspired complementary innovations and changes in business processes. ![]() It is useful to think of technical change as having come in four waves since the 1800s, brought about by a sequence of “general purpose technologies” (GPTs). This blog utilizes the work to forecast trends during the next decade. With my colleagues Wolfgang Fengler, Kenan Karakülah, and Ravtosh Bal, I have been trying to whittle the research of scholars such as David Autor, Erik Brynjolfsson, and Diego Comin down to its lessons for laymen. And we need to know what governments can do and what they’ve been doing. We need to know what these technologies mean for people and businesses. To understand why this is a special time, we need to know how this wave of technologies is different from the ones that came before and how it is the same. It could be the best 10 years ahead of us that we have ever had in human history or one of the worst, because we have more power than we have ever had before.” ![]() “This is a moment of choice and opportunity. This is what Erik Brynjolfsson, director of the MIT Initiative on the Digital Economy and a serious student of the effects of digital technologies, says: ![]()
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