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1、,By Mark Purdy and Paul Daugherty,CONTENTS,2,|,Why artificial intelligence is the future of growth,The new factor of productionThree channels of AI-led growth Factoring in AIClearing the path to an AI future,4121521,3,|,Why artificial intelligence is the future of growth,There has been marked declin
2、e in the ability of increases in capital investment and in labor to propel economic progress. These two levers are the traditional drivers of production, yet they are no longer able to sustain the steady march of prosperity enjoyed in previous decades in most developed economies.,But long-term pessi
3、mism is unwarranted. With the recent convergence of a transformative set of technologies, economies are entering a new era in which artificial intelligence (AI) has the potential to overcome the physical limitations of capital and labor and open up new sources of value and growth.,Increases in capit
4、al and labor are no longer driving the levels of economic growth the world has become accustomed to and desires. Fortunately, a new factor of production is on the horizon, and it promises to transform the basis of economic growth for countries across the world.,Indeed, Accenture analyzed 12 develope
5、d economies and found that AI has the potential to double their annual economic growth rates by 2035.,To avoid missing out on this opportunity, policy makers and business leaders must prepare for, and work toward, a futurewith artificial intelligence. They must do so not with the idea that AI is sim
6、ply another productivity enhancer. Rather, they must see AI as the tool that can transform our thinking about how growth is created.,4,|,Why artificial intelligence is the future of growth,That missing element is how new technologies affect growth in the economy.,Traditionally, capital and labor are
7、 the “factors of production” that drive growth in the economy (see Figure 5). Growth occurs when the stock of capital or labor increase, or when they are used more efficiently. The growth that comes from innovations and technological change in the economy is captured in total factor productivity (TF
8、P).,Economists have always thought of new technologies as driving growth through their ability to enhance TFP. This made sense for the technologies that we have seen until now. The great technological breakthroughs over the last century electricity, railways and ITboosted productivity dramatically b
9、ut did not create entirely new workforces.,Given this poor outlook, commentators say that a stagnant economy is the “newnormal.” On an even more pessimistic note, economist Robert Gordon argues that productivity growth over the next quarter century will continue at the sluggish pace we have experien
10、ced since 2004.1 He believes that the past two centuries of “Great Inventions,” such as the steamship and telegraph, are unlikely to be repeated. And this deficit of innovation, combined with unfavorable demographic trends, flagging educational attainment andrising wealth inequality, will slow econo
11、mic progress.,So, are we experiencing the end of growth and prosperity as we know it?,As grim as much of the data undoubtedly is, it misses an important part of the story.,THE NEW FACTOR OF PRODUCTION,Across the globe, rates of gross domestic product (GDP) growth have been shrinking. Moreover, this
12、has been true for three decades. Key measures of economic efficiency are trending sharply downward, while labor-force growth across the developed world is largely stagnant. It is even in decline in some countries (see Figures 1 to 4).,Similarly, AI can take the form of physical capital such as robot
13、s and intelligent machines. And unlike conventional capital, such as machines and buildings, it can actually improve over time, thanks to its self-learning capabilities.,Based on our analysis and modeling, we can illustrate what happens when AI is seen as a new factor of production rather than just
14、a productivity enhancer. The impact on projected growth for the United States, for example, is dramatic. As Figure 6 shows, the first scenario is business-as- usual, assuming no AI effect. The second indicates the traditional view of AI as a TFP enhancer where it has a limited impacton growth. The t
15、hird scenario shows what happens when AI can act as a new factor of productionthere is a transformative effect on growth. This ability of AI to complement and enhance traditional factors of production is where its true potential lies.,Today, we are witnessing the take- off of another transformative
16、set oftechnologies, commonly referred to as artificial intelligence (see “What is artificial intelligence?”). Many see AI as similar to past technological inventions. If we believe this, then we can expect some growth, but nothing transformational.,But what if AI has the potential to be not just ano
17、ther driver of TFP, but an entirely new factor of production? How can this be?,The key is to see AI as a capital-labor hybrid. AI can replicate labor activities at much greater scale and speed, and to even perform some tasks beyond the capabilities of humans. Not to mention that in some areas it has the ability to learn faster than humans, if not yet as deeply. For example, by using virtual assistants, 1,000 legal documents can be reviewed in a matter of days instead of taking three people six months to complete.2,
