DeepMind Economics Director: Millions of AI Agents Still Won't Drive High Growth
Google DeepMind AGI economics director Alex Imas argues that even with millions of AI agents, the economy could remain stuck in a 4% to 5% growth range. This is because GDP measures spending rather than output; when AI makes production nearly free, competition drives prices down, potentially causing output to explode while the value of the dollar barely rises, similar to how agriculture's share of GDP fell from about 40% to 2% despite a massive increase in yield. He also notes that double-digit growth requires buyers to have enough capital to absorb the output without triggering a price collapse.
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