Intro -- Contents -- Acknowledgments -- Introduction / Ajay Agrawal, Joshua Gans, and Avi Goldfarb -- I. AI as a GPT -- 1. Artificial Intelligence and the Modern Productivity Paradox: A Clash of Expectations and Statistics / Erik Brynjolfsson, Daniel Rock, and Chad Syverson, Comment: Rebecca...

Analyses of AI adoption focus on its adoption at the individual task level. What has received significantly less attention is how AI adoption is shaped by the fact that organisations are composed of many interacting tasks. AI adoption may, therefore, require system-wide change which is both a...

Economic models provide little insight into when the next big idea and its associated productivity dividend will come along. Once a general purpose technology (GPT) is identified, the economist's toolkit does provide an understanding when firms will adopt a new technology and for what purpose....

Recent advances in AI represent improvements in prediction. We examine how decision-making and risk management strategies change when prediction improves. The adoption of AI may cause substitution away from risk management activities used when rules are applied (rules require always taking the...

We ask whether a technical objective of using human performance of tasks as a benchmark for AI performance will result in the negative outcomes highlighted in prior work in terms of jobs and inequality. Instead, we argue that task automation, especially when driven by AI advances, can enhance...

The extant literature linking slack time to innovation focuses on how slack time facilitates creative activities such as ideation, experimentation, and prototype development. We turn attention to how slack time may enable activities that are less creative but still important for innovation,...

We conduct the first empirical test of the knowledge burden hypothesis, one of several theories advanced to explain increasing team sizes in science. For identification, we exploit the collapse of the USSR as an exogenous shock to the knowledge frontier causing a sudden release of previously...