MNI: Fed's Daly Says AI Could Lead To Better Job Market
Daly was speaking at the Booth Monetary Policy Forum and did not address monetary policy.
San Francisco Federal Reserve President Mary Daly said Friday that artificial intelligence could improve the job market and shows signs of being integrated faster than past technologies that have also led to pushback from regulators and workers.
“Technology has never reduced net jobs in the country. But it absolutely has impacted different people and the jobs they can do—often with difficult and lasting challenges. We shouldn’t expect AI to by any different,” according to notes for a slideshow talk that didn't directly address monetary policy.
“There is very frequently a large gap in time between job replacement and job creation which is one reason why new technologies often raise fears that workers will be left less well off,” she said. “AI is likely to follow this same model, but on a much more compressed time schedule.”
Some workers will be able to use AI to enhance their existing skills and the labor market could benefit as expertise becomes more widespread, she said. “So the natural question is this: will AI make us better?” she said. “It’s possible, but not definite.”