Acemoglu on hype

"Growth has slowed in the industrialized world, and it's not a new phenomenon. This is one of these paradoxes which needs to be repeated more and more. 

"The tech age has also coincided with a slowdown of aggregate growth and every indicator of aggregate growth. So we are growing much less today than we did in the 70s or 60s. Productivity is growing less. 

"And I think this is also related to the fact that we're not getting enough out of the new technologies and the new ideas and the new scientific discoveries that we are making. 

"And part of the reason why there is so much hunger for AI hype is that many people, including policymakers, are wishfully thinking, 'Well, this could be a solution to our productivity slowdown. So perhaps in the next decade, we can have a much faster productivity growth thanks to generative AI or thanks to AI'."


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