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The costs and benefits of artificial intelligence

#artificialintelligence

New York – The robots are no longer coming; they are here. The COVID-19 pandemic is hastening the spread of artificial intelligence, but few have fully considered the short- and long-run consequences. In thinking about AI, it is natural to start from the perspective of welfare economics -- productivity and distribution. What are the economic effects of robots that can replicate human labor? Such concerns are not new.