Is Artificial Intelligence The New Productivity Paradox?

Is Artificial Intelligence The New Productivity Paradox?

In the 1970s and 80s, economists were puzzled by the productivity paradox, as exponential business investment in computer technology didn't result in productivity growth. This paradox was due to productivity measures not suited for an information economy, IT investment not increasing production, and aggregate productivity figures not reflecting management performance. Consequently, while firms weren't investing in IT to increase productivity, the success of the businesses that won in the digital age points to the importance of taking a 'digital first' mindset towards creating new business models. Today, experts predict massive worker displacement due to AI, and investment in modular ecosystems of AI firms is increasing. AI will empower employees to provide better service, and through new computing architectures like quantum computers and neuromorphic chips, AI will be applied to the physical world.

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