Ones and Tooze What AI Means for the Economy and for Politics
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Sep 19, 2025 
Join Adam Tooze, economics columnist and professor at Columbia University, as he explores the transformative power of Artificial Intelligence. He discusses AI as a general-purpose technology, weighing its unprecedented potential against industry skepticism. Delve into the unseen labor behind AI's outputs and the cultural ramifications of this technology. Tooze also highlights how AI is reshaping markets and white-collar work, likening it to the bureaucratic shifts of the past. Prepare for a thought-provoking look at AI's profound impact on both our economy and political landscape.
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AI As A General Purpose Technology
- AI is widely regarded as a general purpose technology like steam or electrification.
- Its full effects may take time as new infrastructures and societal arrangements develop.
AI Could Supercharge Innovation
- If AI becomes R&D-enhancing, it could accelerate innovation recursively.
- That could shift growth dynamics from diminishing returns to escalating productivity gains.
Scaling Laws Versus Diminishing Returns
- Debate within AI centers on whether scaling laws hold or constraints will appear.
- Firms must choose strategies based on whether adding data, parameters, and compute continues to pay off.
