Can AI make cutlery?
· Andrew Bailey, Governor of the Bank of England (United Kingdom)
Summary written by Dark Majestic in its own words · topics: growth, investment and productivity, labour markets and jobs, technology, ai and cyber risk
AB · Andrew Bailey Wiki · Bank of England WikiCan AI make cutlery?ContextAfter-dinner speech by the Governor of the Bank of England at the 389th Cutlers' Feast in Sheffield, a traditional business gathering.
Why it mattersAn accessible Bank of England speech on AI and productivity, explaining why gains take time and need skills.
Problems raised- UK growth slowed since the financial crisis.
- Covid, wars and slower population growth weigh on the economy.
- AI's effects on jobs are uncertain and gains take time.
Solutions proposed- Treat AI as a general-purpose technology to lift productivity.
- Invest in skills so workers benefit.
- Improve how obsolescence and innovation are measured.
Read full speech on bis.org ↗More from Andrew Bailey · Bank of England · all speeches
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