Fed’s Barr Warns AI Could Lower Prices While Concentrating Market Power
By PYMNTS
AI summary of the source article
Federal Reserve Governor Michael Barr warned that artificial intelligence could increase business productivity and lower consumer prices, but reduce workers' share of gains. He stated that AI's economic impact depends on whether it complements or replaces workers.
Key facts
- Federal Reserve Gov. Michael Barr spoke at Yale University on Thursday (Nov. 12).
- Barr warned AI could make businesses more productive and lower consumer prices while leaving workers with fewer gains.
- Barr stated AI's economic effects depend on whether the technology complements or replaces workers.
Source excerpt · PYMNTS
Artificial intelligence (AI) could make businesses more productive and lower consumer prices but leave workers with a smaller share of the gains, Federal Reserve Gov. Michael Barr warned on Thursday (Nov. 12). Speaking at Yale University, Barr said AI’s economic effects will depend on whether it complements workers or replaces them, how widely businesses can […] The post Fed’s Barr Warns AI Could…