Fed's Barr (voter) publishes will AI Broadly Raise Living Standards or Drive Income and Wealth Inequality?
- Scenarios for AI adoption vary widely regarding how AI might affect inequality.
- AI, like past major technological advances, will shape the labor market and the broader economy in myriad ways.
- It is unclear whether AI will reduce or increase income and wealth inequality.
- Decisions on AI policy, education, worker training and workforce development, competition, tax policy, and other areas will help determine this outcome.
- We have heard many bold pronouncements about what AI will be able to do in the near and distant future
- . Some will likely come to pass and others won't. But future inequality will depend not only on what AI can do, but on what we choose to do with AI.
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