General purpose technologies (GPTs) are the defining technologies of their times. They are engines for growth that can radically transform the economic environment. “Early versions of GPTs often look very different from their mature forms,” wrote MIT’s Isabella Loaiza and Roberto Rigobon in “The EPOCH of AI: Human-Machine Complementarities at Work.” “Only after waves of adjustments and extensive collective tinkering do these technologies evolve into foundational parts of society — and even after long periods of refinement, they continue to evolve.”
“The process of continuous refinement not only enhances the technology but also uncovers new applications, setting the stage for a myriad of new products, services, and even new GPTs. As a result, these technologies hold the power to create and reshape entire markets while rendering others obsolete, driving profound societal shifts and large-scale resource reallocation. While transformative, long-lasting change is a defining feature of GPTs, the specific direction of that change is likely shaped by the political, social, economic, and institutional structures in place when the technology emerges.”
Continue reading "How Humans and AI Can Complement Each Other in the Workplace" »