I didn't say AI was unique. There are many new goods with high consumer surplus, too. We have papers about them at the link above, e.g. https://
nber.org/papers/w31670 But when hundreds of millions of people suddenly get ChatGPT and other LLMs for free, then the increase in consumer
@erikbryn
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ChatGPT’s Free Access Generates Massive Consumer Surplus
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Digital Goods and AI Impact on GDP and Consumer Surplus
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Yes, almost every good has some consumer surplus. But when a good is offered for zero or close to zero price, then the ratio of consumer surplus to GDP becomes very high. Most digital goods, including AI, have this property, so as consumption increasingly becomes digital, GDP
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Economists discuss AI impacts in latest column
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Here's an insightful column by @jeffsommer
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Government Statistics Essential During AI-Driven Economic Change
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As we enter a period of rapid change driven by advances in AI, we need to track changes in the economy. That means we should invest more in government statistics, not less. 1/2
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AI’s Impact on Workforce and Economic Transformation
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I had a great conversation with @NPRinskeep about whether the impacts of AI on the workforce. Navigating the way AI transforms the economy and society is the grand challenge for the coming decade. It's our focus at @DigEconLab and @StanfordHAI
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Uncertain AI Investment Returns Could Trend Multiple Ways
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yes, we don't know (yet) which way it will go. Returns could taper off, stay steady, or explode
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Did I.J. Good Define Ultraintelligent Machines Correctly?
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Did I.J. Good get it right? "Let an ultraintelligent machine be defined as a machine that can far surpass all the intellectual activities of any man however clever. Since the design of machines is one of these intellectual activities, an ultraintelligent machine could design
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AI Research Loop Discovers 106 Novel Linear-Attention Architectures
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"The paper shows that an all‑AI research loop can invent novel model architectures faster than humans, and the authors prove it by uncovering 106 record‑setting linear‑attention designs that outshine human baselines."
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LLMs Learn to Write With Typos and Errors
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Because LLMs could never, ever learn to rite with typos
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Boston to NYC: Ultra-productive commuting with mobile work
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Breakfast in Boston, working Lunch in NYC, back home by dinner, while working on the train in both directions. Some people would even commute that way.