AI could double the US economy's growth rate over the next decade, says Anthropic

"Tech companies have promised time and time again that the technology will boost human productivity, and by extension, economic growth. But accurately measuring the legitimacy of such claims is difficult, since individual employees and organizations are using AI for different purposes, and it's not yet clear that it can deliver the ROI that businesses have hoped for. A new study from Anthropic, however, shines some light on the economic impacts of AI that can be expected over the next several years."

"The researchers found that, on average, Claude helped users complete tasks around 80% faster than it would've taken without its assistance. The researchers extrapolated outward from there, estimating that current AI models will boost total labor productivity in the US by an annual rate of 1.8% over the next 10 years -- roughly double the current annual growth rate."

100,000 anonymized Claude user conversations were analyzed to compare task durations with and without chatbot assistance. On average, Claude helped users complete tasks about 80% faster than without assistance. Extrapolations estimate current AI models could raise US total labor productivity by roughly 1.8% annually over the next ten years, approximately doubling current growth. Time-saving benefits vary substantially across industries and tasks. Measuring productivity gains remains challenging because employees and organizations use AI for diverse purposes and the return on investment for businesses is not yet certain. The analysis targeted how AI can practically assist specific tasks and roles.

Read at ZDNET