The common wisdom about Artificial Intelligence is that we are building increasingly intelligent machines that will ultimately surpass human capabilities and possibly even threaten mankind. This narrative is both misguided and counterproductive. Framing AI as a natural expansion of longstanding efforts to automate tasks makes it easier to predict the likely benefits and pitfalls of this important technology. Over the coming decades, Artificial Intelligence will profoundly impact the way we live, work, wage war, play, seek a mate, educate our young, and care for our elderly. It is likely to greatly increase our aggregate wealth, but it will also upend our labor markets, reshuffle our social order, and strain our private and public institutions.