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The Macroeconomic Effects of Artificial Intelligence (CRS Report for Congress)

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Release Date Sept. 12, 2024
Report Number IF12762
Report Type In Focus
Authors Lida R. Weinstock; Paul Tierno
Source Agency Congressional Research Service
Summary:

While various forms of artificial intelligence (AI) technologies have existed and been used for decades, the recent popularization of AI products such as ChatGPT have spurred further research and debate about how these technologies could impact the economy. AI potentially has wide-ranging uses in the production of goods and services, which could affect the macroeconomy through the labor market, productivity growth, and economic growth, to name a few. However, whether AI will prove to be as economically transformational as some suggest remains to be seen and will depend on a number of complex factors. Members of Congress are increasingly interested in AI, including its economic impacts. For example, the House announced a bipartisan task force on AI in February 2024.