Hidden Forces

Will AI Generate a New Growth Wave of Creative Destruction? | Herman Mark Schwartz

29 snips
Dec 9, 2024
Herman Mark Schwartz, a Politics professor at the University of Virginia and expert in economic development, joins for an insightful discussion. They delve into AI's potential to ignite a new wave of creative destruction rivaling past innovations. Schwartz outlines scenarios for future growth: an extension of current trends, a transformative AI-driven paradigm, or facing crises of resource shortages and geopolitical strife. The conversation also touches on the ethical implications of technology and governance in navigating these economic shifts.
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INSIGHT

Technology's Ethical Neutrality

  • New technologies are ethically neutral and can be implemented in various ways, impacting businesses and society.
  • Control over implementation and the prevailing social framework are crucial.
INSIGHT

Current Growth Wave

  • The current growth wave, starting in the late 70s, is based on information and communication technology (ICT) and biotech 1.0.
  • This wave leverages cheaper resources to overcome limitations of the previous wave.
INSIGHT

End of Growth Waves

  • Growth waves end due to internal factors like resource exhaustion and social unrest, not primarily regulatory problems.
  • The success of a growth wave can lead to its downfall by depleting cheap resources and breaking social compromises.
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