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ChatGPT’s Lessons for Economic Development (Hausmann)

ChatGPT’s Lessons for Economic Development by Ricardo Hausmann published by Project Syndicate (5/2023).

“By trying to predict the next word, ChatGPT has developed a nuanced understanding of context, grammar, and syntax and acquired capabilities that far exceeded its designers’ initial expectations. There is a valuable lesson here for how development economists and policymakers approach the determinants of growth.

CAMBRIDGE – Spoiler alert: I am not going to talk about how ChatGPT responds when prompted about economic-development strategies. It basically regurgitates reasonable, but mediocre ideas that it has seen in its training set. But ChatGPT’s design, which has given it far greater capabilities than its creators anticipated, offers a valuable lesson for tackling the complexities of economic development…”

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