The Economic Impact of Generative AI

Generative AI models, like ChatGPT, are seen as potential game-changers for various sectors of the economy, stirring interest from both app developers and major corporations. However, the economic benefits are still uncertain, with concerns that such technology could exacerbate income and wealth inequality rather than alleviate it. While automating tasks previously thought to require human creativity, these models may leave many workers vulnerable, particularly in high-income jobs like writing and digital design. The challenge lies in ensuring that the advancements from generative AI translate into widespread prosperity and improved job security for the workforce.