A consumption basket approach to measuring AI progress

Summary

The article proposes using a "consumption basket" approach—similar to how inflation is measured—to track AI progress by evaluating the cost and quality of a representative set of AI tasks over time. This method could provide a more systematic and comparable way to assess advancements in AI capabilities and their real-world impact. If adopted, it may help policymakers and researchers better understand and quantify AI's economic and societal effects.