Generative artificial intelligence is rapidly emerging as a game-changing general-purpose technology, akin to the steam engine, electrification, and computers. According to Andrew McAfee, MIT Sloan principal research scientist and Google visiting fellow, generative AI possesses the three defining characteristics of such technologies: rapid improvement, pervasiveness, and the potential for complementary innovations. Since its mainstream introduction a few years ago, generative AI has shown extraordinary progress. For instance, OpenAI’s GPT-4, launched in 2023, surpassed 90% of human test-takers in the U.S. bar exam. Additionally, advancements in its “context window” have expanded its ability to process up to 300 pages of text, enabling greater efficiency in generating content across diverse domains.
Generative AI’s widespread adoption underlines its transformative potential. A 2023 survey revealed that 28% of respondents across industries already use the technology at work, while 32% plan to do so soon. Moreover, studies indicate that generative AI could significantly impact job tasks, with up to 19% of workers seeing half their tasks influenced by the technology. Complementary innovations are enhancing its capabilities beyond text and image generation, streamlining processes, and advancing scientific research. McAfee argues that generative AI’s accessibility and ease of adoption position it to drive economic and societal transformation faster than previous general-purpose technologies.
