Fed Chairman Kevin Warsh on AI's impact on jobs.
25 segments
I think the jobs will be greater,
prosperity will be stronger, the United
States is likely to be a big winner over
the medium term in this. The US is not
afraid of productivity led economic
growth, but we don't view the economics
of this as zero-sum. We aren't rooting
for another country to fail, we're
rooting for economic growth to be
broad-based. That's good for the United
States, it'll make all of our jobs
easier. On your question of jobs, I
mean, I will go back to good econ one.
It's called the lump of labor fallacy
for a reason. Who knew when the internet
was born that the internet was going to
create a million and a half jobs as Uber
drivers? We are in the first or second
inning of this revolution. This is a big
paradigm shift both for the conduct of
our policy and for our economies. So,
we'll be monitoring the speed of it, but
if you wanted me to sound like a
pessimist and a doomer on this, I'm I'm
afraid I'm not there.
Ask follow-up questions or revisit key timestamps.
The speaker expresses optimism regarding the medium-term economic outlook for the United States, emphasizing that productivity-led growth is beneficial and not a zero-sum game. The discussion touches on the 'lump of labor fallacy' to argue that technological advancements create new job opportunities, framing the current technological shift as a major paradigm change in its early stages.
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