Markets will naturally adapt to technological and social shifts, as they have since America’s founding. If we rashly move to stop progress with the goal of protecting jobs that would otherwise be replaced by technological progress, we will hurt consumers as well as the country’s overall economic health.
America could be primed to benefit disproportionately from artificial intelligence’s tremendous potential. For starters, as past technological advancements have done, it can increase the living standards of the average American.
More efficient production of goods and services leads to lower prices. In an environment where inflation is one of the leading concerns on voters’ minds, technology has the potential to be a deflationary force.
Additionally, the United States already has the strongest tech sector in the world. This puts our country in a position to enjoy the productivity enhancements of artificial intelligence automation before most of the world gains widespread access to these tools. If the U.S. government slows the private sector’s AI adoption, we risk losing our global technological leadership.
Furthermore, one of China’s major competitive advantages over the United States is cheap labor, which attracts international trade and has made the nation a manufacturing hub. If automation can decrease global reliance on human labor, the American economy may stand to benefit. In order for these advantages to be realized, the government must not regulate the free market with the shortsighted goal of protecting economically obsolete jobs.
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