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

Author:

Crafts Nicholas1

Affiliation:

1. University of Sussex, UK

Abstract

Abstract 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.

Publisher

Oxford University Press (OUP)

Subject

Management, Monitoring, Policy and Law,Economics and Econometrics

Reference55 articles.

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