Research Briefing | May 24, 2023

What AI means for economies, businesses, jobs & cities

Artificial Intelligence has the potential to fix the world’s productivity problems, just as previous general purpose technologies such as steam power, electricity, and computers have, in our view.

What you will learn:

  • The velocity of AI adoption – it’s only taken a few months for Chat GPT to reach 100m active users – means it’s difficult to estimate the full impact on the world of work. But the potential for change is clear, as is the immediate need to prepare for and manage the AI revolution.
  • Geopolitical factors will also affect the pace of adoption. AI relies on access to high-end semi-conductors, and the US, Japan, and the Netherlands have banned semi-conductor exports to China. In addition, the Chinese government is keen to control how AI is used by its citizens.
  • Meanwhile, AI will displace jobs while creating new ones. A big question is whether the jobs that are displaced will be those that mainly involve routine work, such as in manufacturing. For jobs where human contact is essential, AI may be more of a tool than a threat.
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