I would think that if we were in the midst of a technological singularity that potential GDP would be growing faster than it did from 1950-1965, the golden age of US economic growth. It is not.
Smart phones are not a singularity. This is a singularity: Suppose that in 1950 the fastest computer on the planet had about a trillionth the computing power of a human brain, and suppose also that computing power increases 1000x every 20 years. Here’s what things would look like:
1950: Trillionth
1970: Billionth
1990: Millionth
2010: Thousandth
2024: Tenth
2030: One
In 1950, true AI would look like a joke. A computer with a trillionth the processing power of the human brain is just a pile of vacuum tubes. In 1970, even though computers are 1000x faster, it’s still a joke. In 1990 it’s still a joke. In 2010 it’s still a joke. In 2024, it’s still a joke. A tenth of a human brain is about the processing power of a housecat. It’s interesting, but no threat to actual humans.
So: joke, joke, joke, joke, joke. Then, suddenly, in the space of six years, we have computers with the processing power of a human brain. Kaboom.
Here’s the point: technological progress has been exactly the same for the entire 80-year period. But in the early years, although the relative progress was high, the absolute progress was minute. Why Artifical Intelligence Is Closer Than We Realize – Mother Jones
Once computers have, say, once or twice the computing power of human brain, then things get interesting. What we have now is lead up. Whether the singularity occurs in 2030, 2130 or never is another matter.