AI threatens to shift even more power from workers to the wealthy, shrinking tax bases and weakening governments, writes economist Yingying Lu.
Perhaps the single greatest source of caution is the huge uncertainty around the future trajectory of AI technology.Compared to previous technological leaps – such as railways, motorised transport and, more recently, the gradual integration of computers into all aspects of our lives – AI can spread much faster. And it can do this with much lower capital investment.
AI seems likely to radically change the way we do things in many areas, from education and privacy to the structure of global trade. AI may not just change discrete elements of the economy but rather its broader structure.Adequate modelling of such complex and radical change would be challenging in the extreme, and nobody has yet done it. Yet without such modelling, economists cannot provide clear statements about likely impacts on the economy overall.
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