Friday, November 3, 2023

Economics: Did Artificial Intelligence Already Hike Productivity ?

 


(Drivebycuriosity) - The 3rd quarter 2023 delivered some positive surprises. Last week we learned that the US economy grew 4.9%. Yesterday the Labor Department reported that U.S. worker productivity grew at its quickest pace in three years in the third quarter and jumped 4.7% com ( usnews). Since productivity grew faster than the salaries (+3.9%) the labor 
costs (per single unit of output  ) dropped 0.8%.

The acceleration of productivity growth is good news since productivity growth and population growth merge to economic growth in the long run. 

I think that we are at the begin of high economic growth lead by Artificial Intelligence. It is well known that AI will - and maybe already is - lift productivity (mckinsey ). 

 


(source )

Amazon for instance already reported that they use AI to manage logistics, stocks and many other tasks to reduce costs and delivery times with the help of AI.

I believe that AI will gain fast traction and will significantly foster productivity and economic growth in the coming years.

Enjoy!

 

 



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