The widespread adoption of AI by companies will take a while
For the technology to make its mark on productivity, even mediocre firms will need to make the leap
The 2010s brought no shortage of miraculous technologies, from tablet computers and 4G mobile internet to new forms of artificial intelligence (ai)—Hey, Siri! But these had surprisingly little effect on the economy. During that decade productivity growth in the rich world averaged a measly 1% a year, holding down average wages. Innovative firms embraced new tech, but many less adventurous ones did not bother, and saw few efficiency gains as a result. The experience showed that technological wizardry and improvements in average living standards do not always go hand in hand.
Explore more
This article appeared in the Leaders section of the print edition under the headline “Not so fast”
From the July 1st 2023 edition
Discover stories from this section and more in the list of contents
Explore the editionMore from Leaders
How to improve clinical trials
Involving more participants can lead to new medical insights
Houthi Inc: the pirates who weaponised globalisation
Their Red Sea protection racket is a disturbing glimpse into an anarchic world
Donald Trump will upend 80 years of American foreign policy
A superpower’s approach to the world is about to be turned on its head
Rising bond yields should spur governments to go for growth
The bond sell-off may partly reflect America’s productivity boom
Much of the damage from the LA fires could have been averted
The lesson of the tragedy is that better incentives will keep people safe
Health warnings about alcohol give only half the story
Enjoyment matters as well as risk