Artificial intelligence is coming, and policymakers need to prepare the economy for it, the White House said in a recent report.
The report, “Artificial Intelligence, Automation, and the Economy,” suggests the U.S. should invest in and develop AI, because it has “many benefits,” education and train Americans for the jobs of the future, and aid workers in the transition and empower them to share in future growth.
But the authors of the report acknowledge that there are countless unknowns, from what the effects could be, to how quickly they’ll arrive.
“Researchers’ estimates on the scale of threatened jobs over the next decade or two range from 9% to 47%,” they write, but add that the economy has always proved to be resilient to take existing rates of change and shrinking of industry in stride.
What’s more, robots can make economies more efficient. The authors cite a 2015 paper that found robots added an average 0.4% to GDP growth in 17 countries between 1993 and 2007.