According to the report by PWC, despite discussion on social media about the things that AI will be able to achieve, the majority of studies that have sought to answer this question have focused on the risks of artificial intelligence to employment. More recently some researchers have recognised the potential that this automation has to boost productivity,1,2 leading to more efficient production of goods, more affordable products, and higher real incomes.
Our study aims to take further steps towards capturing the full economic potential of AI and the opportunities that it presents. In addition to the more traditionally examined productivity channel, we identify and measure impacts on the household consumption side of the economy through product enhancements resulting from AI.
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