AI could boost productivity but increase wealth inequality, the White House says

Artificial intelligence (AI) technology has the potential to boost productivity but increase wealth inequality and wipe out millions of jobs, a research report by the White House claimed on Tuesday. An increasing number of industries are set to be impacted by automation technology over the coming years which could displace jobs, a fear that has been voiced by academics and business leaders. Auto companies are developing driverless cars while factories could are seeing the increased use of robotics, which has the ability to eat into jobs. But many developments are at the early stage and the impact of automation technology could affect different industries are varying speeds. "Because AI is not a single technology, but rather a collection of technologies that are applied to specific tasks, the effects of AI will be felt unevenly through the economy. Some tasks will be more easily automated than others, and some jobs will be affected more than others--both negatively and positively," the White House report said.