In 1987, almost two decades after the invention of the internet, Nobel Prize-winning economist Robert Solow quipped that: “You can see the computer age everywhere but in the productivity statistics.” Desktop computers sat in the corner of offices the world over while companies poured millions into digitising their operations, but the promised productivity boom was nowhere to be seen. Almost four decades later, economists are confronting an eerily similar problem. Each month seems to come with a dizzying announcement from Silicon Valley about the next great thing their AI models can do: superhuman hacking in April, novel mathematics in May and protein design in August.
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