Second, while some applications of artificial intelligence will surely constitute lower-cost or
higher-quality inputs into many existing production processes (spurring concerns about the
potential for large job displacements), others, such as deep learning, hold out the prospect of not
only productivity gains across a wide variety of sectors but also changes in the very nature of the
innovation process within those domains. As articulated famously by Griliches (1957), by
enabling innovation across many applications, the “invention of a method of invention” has the
potential to have much larger economic impact than development of any single new product.
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