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Artificial Intelligence, Automation, and the Economy

#artificialintelligence

Today, in order to ready the United States for a future in which artificial intelligence (AI) plays a growing role, the White House released a report on Artificial Intelligence, Automation, and the Economy. This report follows up on the Administration's previous report, Preparing for the Future of Artificial Intelligence, which was released in October 2016, and which recommended that the White House publish a report on the economic impacts of artificial intelligence by the end of 2016. Accelerating AI capabilities will enable automation of some tasks that have long required human labor. These transformations will open up new opportunities for individuals, the economy, and society, but they will also disrupt the current livelihoods of millions of Americans. The new report examines the expected impact of AI-driven automation on the economy, and describes broad strategies that could increase the benefits of AI and mitigate its costs.


Artificial Intelligence Automation Economy

#artificialintelligence

These transformations will open up new opportunities for individuals, the economy, and society, but they have the potential to disrupt the current livelihoods of millions of Americans. Whether AI leads to unemployment and increases in inequality over the long-run depends not only on the technology itself but also on the institutions and policies that are in place. This report examines the expected impact of AI-driven automation on the economy, and describes broad strategies that could increase the benefits of AI and mitigate its costs. Economics of AI-Driven Automation Technological progress is the main driver of growth of GDP per capita, allowing output to increase faster than labor and capital. One of the main ways that technology increases productivity is by decreasing the number of labor hours needed to create a unit of output.


Artificial Intelligence, Automation, and the Economy

#artificialintelligence

Editor's Note: Staff from the Council of Economic Advisers, the Domestic Policy Council, the National Economic Council, the Office of Management and Budget, the Office of Science and Technology Policy contributed to this post. Today, in order to ready the United States for a future in which artificial intelligence (AI) plays a growing role, the White House released a report on Artificial Intelligence, Automation, and the Economy. This report follows up on the Administration's previous report, Preparing for the Future of Artificial Intelligence, which was released in October 2016, and which recommended that the White House publish a report on the economic impacts of artificial intelligence by the end of 2016. Accelerating AI capabilities will enable automation of some tasks that have long required human labor. These transformations will open up new opportunities for individuals, the economy, and society, but they will also disrupt the current livelihoods of millions of Americans.


Report examines how to make technology work for society

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Automation is not likely to eliminate millions of jobs any time soon--but the U.S. still needs vastly improved policies if Americans are to build better careers and share prosperity as technological changes occur, according to a new MIT report about the workplace. The report, which represents the initial findings of MIT's Task Force on the Work of the Future, punctures some conventional wisdom and builds a nuanced picture of the evolution of technology and jobs, the subject of much fraught public discussion. The likelihood of robots, automation, and artificial intelligence (AI) wiping out huge sectors of the workforce in the near future is exaggerated, the task force concludes--but there is reason for concern about the impact of new technology on the labor market. In recent decades, technology has contributed to the polarization of employment, disproportionately helping high-skilled professionals while reducing opportunities for many other workers, and new technologies could exacerbate this trend. Moreover, the report emphasizes, at a time of historic income inequality, a critical challenge is not necessarily a lack of jobs, but the low quality of many jobs and the resulting lack of viable careers for many people, particularly workers without college degrees.


MIT report examines how to make technology work for society

#artificialintelligence

Automation is not likely to eliminate millions of jobs any time soon -- but the U.S. still needs vastly improved policies if Americans are to build better careers and share prosperity as technological changes occur, according to a new MIT report about the workplace. The report, which represents the initial findings of MIT's Task Force on the Work of the Future, punctures some conventional wisdom and builds a nuanced picture of the evolution of technology and jobs, the subject of much fraught public discussion. The likelihood of robots, automation, and artificial intelligence (AI) wiping out huge sectors of the workforce in the near future is exaggerated, the task force concludes -- but there is reason for concern about the impact of new technology on the labor market. In recent decades, technology has contributed to the polarization of employment, disproportionately helping high-skilled professionals while reducing opportunities for many other workers, and new technologies could exacerbate this trend. Moreover, the report emphasizes, at a time of historic income inequality, a critical challenge is not necessarily a lack of jobs, but the low quality of many jobs and the resulting lack of viable careers for many people, particularly workers without college degrees.