Every important new technology, and especially all general-purpose technologies, have benefits and “costs” (externalities), though most would likely assume that, on balance, every GPT brings more benefits than costs.
Some of us assume that will be true for artificial intelligence as it has been the case for earlier GPTs.
Quantified Benefits and Externalities of Electricity Use |
Category | Benefit / Cost | Estimated Value / Impact |
Economic Output Enabled | Benefit | >$20 trillion globally (approx. 25%+ of global GDP tied to electricity-enabled sectors) |
Job Creation | Benefit | ~25 million direct and indirect jobs globally (generation, transmission, electric equipment) |
Household Welfare | Benefit | >1 billion people lifted out of extreme poverty since electrification |
Time Saved (Lighting & Appliances) | Benefit | ~500 billion hours annually saved globally (valued at >$5 trillion/year) |
Health Improvements (e.g., refrigeration, medical equipment) | Benefit | Millions of lives improved or saved (e.g., vaccines, surgery enabled by electricity) |
CO₂ Emissions from Electricity | Cost | ~13.5 billion metric tons/year globally (40% of total CO₂ emissions); $1.35–$6.75 trillion/year (at $100–$500/ton social cost) |
Air Pollution from Fossil Power | Cost | ~3–4 million premature deaths/year; ~$2–$4 trillion in health damages (WHO, EPA estimates) |
Infrastructure Costs | Cost | ~$2 trillion/year (generation, transmission, distribution, maintenance) |
Unequal Access (Energy Poverty) | Cost (opportunity lost) | ~760 million people without access (loss of productivity, education, healthcare) |
Blackouts and Reliability Issues | Cost | ~$150–$300 billion/year in economic losses globally |
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