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The AI boom: lessons from history | The Economist
Source: economist.com
Article summary:
1. AI tools have the potential to revolutionize economies in the same way as steam engines, electricity and computing.
2. It can take a long time for new technologies to have an economic impact, due to fine-tuning, capital constraints and the need to accumulate intangible capital.
3. While technological unemployment has not been realized in the past, individual occupations can be disrupted by automation.
Article analysis:
The article is generally reliable and trustworthy, providing a balanced overview of the potential economic impacts of AI technology. The article provides evidence from history to support its claims about how long it can take for new technologies to have an economic impact, noting that steam power did not overtake water as a source of industrial horsepower until decades after James Watt's patent and that productivity growth in America actually slowed from 1888 to 1907 despite key technical advances having been accomplished before 1880. The article also acknowledges that while technological unemployment has not been realized in the past, individual occupations can be disrupted by automation.
The article does not appear to contain any biases or one-sided reporting; it presents both sides of the argument equally and fairly. It does not make any unsupported claims or omit any points of consideration; all claims are backed up with evidence from history and other sources such as research papers and studies. There are no missing pieces of evidence for any claims made in the article either; all relevant information is provided. The article does not contain any promotional content or partiality either; it simply provides an objective overview of the potential economic impacts of AI technology based on historical evidence and research studies. Possible risks associated with AI technology are noted throughout the article, such as disruption of individual occupations due to automation.
In conclusion, this article is reliable and trustworthy; it provides a balanced overview of the potential economic impacts of AI technology based on historical evidence and research studies without containing any biases or one-sided reporting.