LLMs are expected to have a broadly positive effect on labor productivity, with the most significant impact observed among workers in the middle-to-upper segments of the wage distribution www.science.org/doi/10.1126/...
What makes a new technology a General Purpose Technology? Pervasiveness, Technological dynamism, Co-invention and complementarity, Broad impact... What else?
Evidence from the 3rd & 4th Industrial Revolution (ICT vs AI)
www.sciencedirect.com/science/arti...
www.sciencedirect.com/science/arti...
AI, Micro- and Macroeconomics: Is AI a new General Purpose Technology? Some insights from a production function perspective
www.oecd-ilibrary.org/science-and-...
AI and Microeconomics: Proximity to AI research hubs positively affects adoption of AI and hiring of AI experts (computer and mathematical researchers, developers of software applications)
cepr.org/publications...
AI and Microeconomics: AI tools (GitHub Copilot) shown to reduce software developers' processing time by over 50% in controlled experiments.
arxiv.org/pdf/2302.06590
AI and Macroeconomics: What's the effect of AI on economic growth? AI is projected to contribute approximately 0.7% to TFP growth and a cumulative 1.1% increase in GDP growth over the next decade
economics.mit.edu/sites/defaul...
