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Tech innovation waves raise chances and challenges

Monday, November 4, 2024

Significance

Technological innovation tends to occur in ‘waves’, fuelled by a transformative general purpose technology (GPT) whose resulting innovations are combined with other technologies, leading to substantial economic and societal change over time. AI’s advocates insist it is a GPT that will have transformative impact over a shorter time frame.

Impacts

  • The combination of AI and biology will bring further profound transformation in the coming decades.
  • Policy action could help to spread the benefits of tech innovation through society, but many nations will face financial or other hurdles.
  • The gap between the speed of tech development and slow institutional adaptation is a tricky social challenge for many nations to overcome.

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