Tech innovation waves raise chances and challenges

Significance Technological innovation tends to occur in ‘waves’, fuelled by a transformative general purpose technology (GPT) whose resulting innovations are combined with other technologies, leading to substantial economic and societal change over time. AI’s advocates insist it is a GPT that will have transformative impact over a shorter time frame. Impacts The combination of AI and biology will bring further profound transformation in the coming decades. Policy action could help to spread the benefits of tech innovation through society, but many nations will face financial or other hurdles. The gap between the speed of tech development and slow institutional adaptation is a tricky social challenge for many nations to overcome.