Are techno-optimists correct that artificial intelligence will bring about a fourth industrial revolution and bring back strong productivity growth in America? My guest today, Nicholas Crafts, examines this question from a historical perspective by looking at the nature of the previous industrial revolutions and evaluating whether artificial intelligence may serve as a new general purpose technology in the same manner as steam and electrification.

Nicholas is a professor of economics and economic history at the University of Warwick, where he studies economic growth, the Industrial Revolution, and the history of general purpose technologies. He recently gave a fascinating presentation to the Bank of England, titled “AI as a GPT: An Historical Perspective.”

Learn more: John Van Reenen: Why America needs a ‘Grand Innovation Challenge Fund’ | Toby Ord: Existential risk and the future of humanity | Nicole Gelinas: Can cities weather the pandemic?

The post Nicholas Crafts: Is the age of fast economic growth really over? appeared first on American Enterprise Institute – AEI.

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  1. CarolJoy, Above Top Secret Coolidge

    If you’ re super wealthy to begin with, your age of exponential fast growth of your wealth is easy to come by.

    Just follow the main economic principle utilized by Bill Gates. Become involved in processes wherein normal everyday activities are outlawed. Once normal life is outlawed, you can sit back and watch your financial portfolio succeed beyond anyone’s wildest dreams.

    • #1
    • July 15, 2020, at 12:03 PM PDT
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