Unclear whether AI will reduce or heighten inequality – Barr
Fed governor’s caution contrasts with Warsh’s more bullish stance
Michael Barr has said it is unclear whether artificial intelligence will reduce or widen inequality in the US, and emphasised that market structure and policy choices will determine which path prevails.
Speaking at the Next-Gen Financial Inclusion conference on July 14, the Federal Reserve governor mapped out what he saw as the worst- and best-case scenarios for AI’s impact on inequality, noting that there could also be “many scenarios in between”.
Barr, who stepped down as the Fed’s vice-chair
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