Final answer:
Generative AI is capable of creating diverse content by learning from data patterns, potentially boosting global GDP by 7%. It spans strong AI with multiple cognitive abilities and weak, task-specific AI. Despite its potential, ethical and labor considerations are crucial, including privacy, skill maintenance, and job disruption concerns.
Step-by-step explanation:
The capabilities of Generative AI are diverse and can significantly impact various sectors. Generative AI refers to artificial intelligence systems that can create content, such as text, images, and videos, by learning from data patterns. This technology is viewed as a key driver of innovation, with the potential to raise global GDP by 7%. Artificial intelligence is broadly categorized into strong and weak AI. Strong AI can perform multiple cognitive tasks at machine speed, while weak AI is more task-specific.
Experts like John Searle argue that strong AI still lacks human-like consciousness. Ethical considerations are also at the forefront, as Genevieve Bell emphasizes the importance of using AI responsibly, safeguarding against cybercrime, ensuring privacy, and sustaining human cognitive skills. Job loss is a significant concern, with predictions of AI disrupting labor markets, yet its ability to boost global productivity is undeniable, as noted by Goldman Sachs.