In a decade that already has seen a number of incredible scientific breakthroughs, from COVID-19 vaccines to fusion energy, it’s important not to underestimate the potential speed of development within a number of core technologies that could have the potential to change the way we think about the economy.
One of those areas with rapid development in recent years has been artificial intelligence (AI), where the improvements, such as creating images and text in an entirely self-generated manner, have opened the door to a transformative impact on the economy.
We have argued before that the impact of automation on the labour market is likely to be substantial in the decade to come. Pandemic-related shocks to worker availability and wages, as well as developments in technology and social willingness to use automated processes (such as in restaurants and hotels) will likely mean more automation in the obvious way – robots replacing jobs.
But what about other technological developments? The rapid improvements in AI in recent years have opened up a huge array of possibilities. The recent release of OpenAI’s Chat GPT (chat.openai.com) is the most high-profile, and showcases how artificial intelligence can speed up and improve the output in many roles, including journalism, research and, dare we say it, economics.