Philipp is the Global Chief Economist, Managing Director, and Partner at Boston Consulting Group. He advises executives and investors on the tactical economic outlook and on structural change. Publishing at the intersection of finance, macroeconomics, and business, Philipp is a frequent contributor to Harvard Business Review, World Economic Forum, and other business publications.
Technology, including artificial intelligence (AI), must be deflationary to have a macroeconomic impact. It can reduce costs and prices and boost real incomes and demand, thereby creating new jobs and offsetting automation-driven losses.
When it is broadly impactful, technology drives down costs and prices, pushing up consumers’ real incomes and demand for new goods and services – and thus, new employment.