Since late 2022, the term GPT (Generative Pre-Trained Transformer) has been rolling off tongues all over the world and has become essentially synonymous with generative AI tools. But economists have also been using the GPT term for many years, with the economists’ version referring to the notion of a General Purpose Technology, such as the steam engine, electricity or the computer. Encouragingly, both uses of the term GPT are likely to be used in the same context.

In episode 60 of The Flip Side, Hiral Patel, Head of Sustainable & Thematic Research, talks to Christian Keller, Head of Economics Research, about the extent to which and pace at which AI could boost productivity levels globally. Does generative AI have what it takes to join the ranks of other general purpose technologies and alter the course of the global economy through sustained productivity growth?

They explore the potential costs and benefits to businesses and societies, as well as the range of public policy changes related to education, taxation, antitrust and more that may be required if generative AI is truly to become a general purpose technology.

For more on this topic, read our latest Impact series report titled: ‘AI revolution: Productivity boom and beyond’, available now on our website.

Alternatively, watch our panel discussion at the World Economic Forum Annual Meeting in Davos of how artificial intelligence could affect productivity growth.

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