Since the advent of the Industrial Revolution, general purpose technologies (GPTs) have been the defining technologies of their times. Their ability to support a large variety of applications can, over time, radically transform economies and social institutions. GPTs have great potential from the outset, but realizing their potential takes large tangible and intangible investments and a fundamental rethinking of firms and industries, including new processes, management structures, business models, and worker training. As a result, realizing the potential of a GPT takes considerable time, often decades. Electricity, the internal combustion engine, computers, and the internet are all examples of historically transformative GPTs.
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