
Contents
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7.1 Income Is Not the Problem 7.1 Income Is Not the Problem
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7.2 Who Gets the Gains from Automation? 7.2 Who Gets the Gains from Automation?
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7.3 What Will We Do with Ourselves? 7.3 What Will We Do with Ourselves?
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7.4 The Long Run 7.4 The Long Run
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7.4.1 In the Long Run, Employment and Hours Worked Have Declined 7.4.1 In the Long Run, Employment and Hours Worked Have Declined
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7.5 Short-Run Disruption 7.5 Short-Run Disruption
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7.6 There Is Work outside of Employment 7.6 There Is Work outside of Employment
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7.7 Productivity Growth Ultimately Gives Us Better Lives and More Options 7.7 Productivity Growth Ultimately Gives Us Better Lives and More Options
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References References
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7 Artificial Intelligence, Income, Employment, and Meaning: Betsey Stevenson
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Published:May 2019
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Abstract
The evolution of artificial intelligence and automation evokes strong emotions in people. Some imagine a dystopia in which people lose employment opportunities and are replaced by machines. Others envision a world where people will be able to enjoy their lives free from time and money constraints. Who is right? Most economists believe that automation promises a future of higher income that stems from the higher productivity that artificial intelligence will provide. This chapter discusses two aspects of such productivity gains: the effects of artificial intelligence and automation on employment and how people will spend their time if robots take their jobs; and the distribution of income gains and the role of social and political structure in that distribution.
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