Introduction

Technological advancement is the core driving force of economic growth. From the steam engine to electricity, and then to the internet, General Purpose Technologies (GPTs) have profoundly changed the patterns of societal prosperity by reshaping industrial structures, labor markets, and economic trajectories. The commercialization of electricity in 1882 marked the beginning of a parabolic growth phase for the global economy, catalyzing revolutions in manufacturing, transportation, and communication. Today, artificial intelligence (AI), as a general-purpose technology with equal transformative potential, is reshaping the economy of the 21st century through automation, data processing, and intelligent decision-making. This paper combines historical experiences of general-purpose technologies with modern data predictions to analyze the impact of AI on economic growth, the job market, global development, and financial markets, exploring its opportunities and challenges, and proposing policy recommendations to ensure inclusive prosperity.
Historical Technological Change and Economic Growth