Generative AI will transform industries, change business processes, and alter the nature of work. Along the way, it will boost productivity and accelerate innovation. This is important because productivity growth is the key to long-term prosperity, and the U.S.badly needs a boost.U.S. productivity growth averaged over 3% from World War II to the early 1970s, coinciding with a long boom in Americans’ standards of living. But productivity growth has been much slower since, except for a temporary rebound in the 1990s and early2000s. For over 15 years, productivity growth has been sluggish, resulting in only modest improvements in average living standards and stagnant wages for many workers.

"The new technologies can accelerate innovation by making research and the development of new ideas more efficient, boosting not just the level, but the rate of increase in productivity growth." says Erik Brynjolfsson in the report.