Abstract
Generative Artificial Intelligence (Gen AI) is still in its infancy, yet it has started to transform the way people live, work, and play. The cutting‐edge technological innovation of Gen AI has unbounded potential and its contributions to the economy and society are still mostly hypothetical. In the short run we might overestimate its transformative impact and in the long run we might underestimate its impact. In either case, unprecedented change is upon us. Think of the changes to the ways in which we live, work, and play as technology evolved from wall‐mounted landline telephones to car phones to satellite phones to mobile cell phones to hand‐held smart devices, and the explosion of applications and services available on the device platform.
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