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Philip R. Lane says AI could raise living standards and productivity in Europe
Philip R. Lane, writing for the ECB, said AI is a general purpose technology that can improve global living standards and expand the global knowledge frontier by boosting productivity.
He added that realizing those benefits depends on multiple actors, including AI frontier model developers, AI infrastructure builders, entrepreneurs creating customized AI products, and research and development communities that speed scientific discovery.
Lane also noted that energy system operators, the financial system, and education and training sectors must adapt to support AI demand, value AI-related assets, and redesign learning and evaluation.
He further said managers and workers need to play their part in implementing the broader transformation of the economy.