The end may not be near after all. While fears of total automation often dominate public discourse, Federal Reserve Governor Michael S. Barr suggests that the rise of artificial intelligence could actually help job seekers and boost the economy.
In a speech to the New York Association for Business Economics on Feb. 17, Barr offered three different scenarios for how AI might reshape the labor market. Describing generative AI as an all-purpose technology, Barr claimed we can see three stylized economic futures. One features a “jobless boom” for the economy that would be disastrous for workers, while the other two feature varying levels of usefulness.
