Generative AI, a technology that can answer questions, write essays, produce art, and create photorealistic images, is becoming widely accessible through the internet. While the future of super-intelligent AI is still uncertain, the current capabilities of generative AI have the potential to greatly influence various sectors such as the economy, jobs, education, and culture in the next five to ten years.
According to a report by Goldman Sachs, generative AI is expected to enhance economic productivity and contribute to the growth of advanced economies. The report suggests that within ten years, generative AI could increase the global GDP by approximately 7%, amounting to a staggering $7 trillion boost. It claims that the savings in labor costs, new job opportunities, and increased productivity for workers could lead to a labor productivity boom similar to those witnessed during the emergence of technologies like the electric motor and personal computer.
The belief is that AI will make knowledge workers, including scientists, editors, lawyers, and doctors, more productive in the near future. However, accurately predicting and evaluating these effects is challenging, particularly given the difficulty in measuring the output of such workers.
While there is concern about the impact of generative AI on employment, some experts suggest that this wave of automation may differ from previous ones. Avi Goldfarb, an expert in the field, highlights that the overall effect on employment might not be as negative as anticipated.
It’s important to recognize the potential benefits and challenges that generative AI brings to our society. Its impact on the economy, jobs, and education is significant, and understanding how it will shape our lives is crucial in preparing for the future.
