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Fed Chairman Kevin Warsh on AI's impact on jobs.

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Fed Chairman Kevin Warsh on AI's impact on jobs.

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25 segments

0:00

I think the jobs will be greater,

0:02

prosperity will be stronger, the United

0:05

States is likely to be a big winner over

0:08

the medium term in this. The US is not

0:11

afraid of productivity led economic

0:13

growth, but we don't view the economics

0:15

of this as zero-sum. We aren't rooting

0:17

for another country to fail, we're

0:18

rooting for economic growth to be

0:20

broad-based. That's good for the United

0:22

States, it'll make all of our jobs

0:24

easier. On your question of jobs, I

0:26

mean, I will go back to good econ one.

0:28

It's called the lump of labor fallacy

0:30

for a reason. Who knew when the internet

0:32

was born that the internet was going to

0:34

create a million and a half jobs as Uber

0:36

drivers? We are in the first or second

0:38

inning of this revolution. This is a big

0:40

paradigm shift both for the conduct of

0:42

our policy and for our economies. So,

0:45

we'll be monitoring the speed of it, but

0:47

if you wanted me to sound like a

0:49

pessimist and a doomer on this, I'm I'm

0:51

afraid I'm not there.

Interactive Summary

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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