In the longer run, AI will boost productivity and living standards, and it may even lead to new discoveries.
Source
Speech by Governor Barr on artificial intelligence and the labor marketOriginal Quote
In the longer run, I expect AI will boost productivity and living standards, and it may even lead to new discoveries.
Outlook
OptimisticThis claim is classified as optimistic from the perspective of human welfare and broad societal or economic outcomes.
'Longer run' is used explicitly but without a specific date; inferred as beyond 5 years based on historical precedents for general-purpose technologies discussed in the speech.
'I expect AI will' is a strong directional assertion indicating high confidence.
Potential Data Sources for Validation
BLS TFP and real wage data; OECD GDP per capita trends over a 10-20 year horizon following widespread AI adoption; scientific publication and patent rates in AI-adjacent fields.
About the Author
Michael S. Barr is a Governor of the Federal Reserve Board of Governors — and former Vice Chair for Supervision (2022–2025) — who is also a professor of law and public policy at the University of Michigan on leave, and previously served as Assistant Secretary of the Treasury for Financial Institutions under President Obama and as a key architect of the Dodd–Frank Act.
Across 18 tracked claims, Michael S. Barr skews neutral.