Bloomberg Businessweek interviews the World's top economists—including Diane Coyle—to find out.
Text from Bloomberg Businessweek:
The best way to see how much the AI hype is actually manifesting on Main Street is to look at labor productivity, which has accelerated noticeably in the US in recent years. Productivity—basically, the amount of goods and services an economy churns out divided by the hours worked to generate that output—is one of the most important indicators of economic health.
It’s also profoundly personal, says Diane Coyle, an economist at the University of Cambridge and author of The Measure of Progress. “It is the measure that most closely relates to how people’s living standards go up over time.”
Technological breakthroughs like the steam engine, electricity, the internet and now AI help workers produce more.
“Think about a construction site,” Coyle says. “A worker who gets a digger is going to be more productive than a worker who’s just got a shovel.”
Read the full story by Stacey Vanek Smith, Senior Writer: https://bit.ly/3PBZCe3
The views and opinions expressed in this post are those of the author(s) and not necessarily those of the Bennett Institute for Public Policy.
