Generative AI is a general-purpose technology, to positively transform economies: Study

New Delhi: Even though generative AI is a recent development, there’s already strong evidence that, like the steam engine, it possesses all the characteristics are needed of a general-purpose technology, argued Andrew McAfee, the Co-Founder and Co-Director of ‘MIT’s Initiative on the Digital Economy’ and a Principal Research Scientist at the MIT Sloan School of Management.

Since the Industrial Revolution, a handful of technologies have been powerful enough to accelerate the overall course of economic progress, the author in his report ‘Economic Impact of Generative AI’ said. These “general-purpose technologies” include the steam engine, the internal combustion engine, electrification, and the computer.