Fed Chairman Michael Barr talks about two economic scenarios that artificial intelligence may bring

During the international economic conference call series, Federal Reserve Chairman Michael Barr explored the potential impact of artificial intelligence (AI) on the economic and social past. Michael Barr emphasized the rapid development of artificial intelligence over the years and proposed two possible scenarios for the development of artificial intelligence: one is the scenario of incremental improvement, where artificial intelligence mainly enhances existing processes and brings widespread growth; the other It is a transformative scenario, and artificial intelligence can open up new professional capabilities, modern industries and social structures.

In incremental scenarios, AI tools improve efficiency in multiple fields from healthcare to finance, but do not fundamentally change the economic structure. On the contrary, in transformative scenarios, AI may lead to breakthroughs in areas such as biotechnology, redefining the way work and economic organization is organized.

Michael Barr also discussed the potential risks of AI, such as the impact on employment and data bias, and emphasized the responsibilities of financial institutions when regulating and applying AI. In addition, the meeting also discussed other economic topics, such as the impact of tariffs on the economy, the independence of the Federal Reserve, and the U.S. debt status.