The widespread adoption of AI by companies will take a while
For the technology to make its mark on productivity, even mediocre firms will need to make the leap
The 2010s brought no shortage of miraculous technologies, from tablet computers and 4G mobile internet to new forms of artificial intelligence (ai)—Hey, Siri! But these had surprisingly little effect on the economy. During that decade productivity growth in the rich world averaged a measly 1% a year, holding down average wages. Innovative firms embraced new tech, but many less adventurous ones did not bother, and saw few efficiency gains as a result. The experience showed that technological wizardry and improvements in average living standards do not always go hand in hand.
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This article appeared in the Leaders section of the print edition under the headline “Not so fast”
From the July 1st 2023 edition
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