- Generative AI technology has arrived with chatbots, music, and text-to-video programs.
- Expectations of AI-induced growth acceleration are not supported by financial markets.
- History shows that new technology has not radically changed the economy by itself.
- Generative AI has some monopolistic characteristics, but there is little chance of a single company dominating the industry.
- Job destruction by AI will likely happen slowly, as regulation slows down the adoption of technology.
Your job is (probably) safe from artificial intelligence
Generative AI technology has arrived, but financial markets and history suggest that AI-induced growth acceleration is unlikely. Monopolies are unlikely to dominate the industry, and job destruction by AI will likely happen slowly, as regulation slows down the adoption of technology.