In a speech at Yale University, Federal Reserve Governor Michael Barr specifically talked about the impact of AI on income distribution. His judgment is relatively pessimistic.
Barr believes that the rapid spread of AI may exacerbate inequality in the short term, and policymakers need to prepare in advance for possible severe shocks to the labor market. How big the impact will be and how long it will last depends on whether regulatory protection can be put in place now.
His biggest concern is concentration. If a few AI companies dominate, their executives and shareholders will get richer, and smaller companies will lose market share.
The main idea of his original words was: Under this circumstance, the vast majority of companies and employees will not be able to fully utilize the constantly improving AI, and will receive even fewer benefits. The result is a decline in labor's share of income, a more concentrated market, and rising inequality.
These words coming from a Fed governor have different weight than the same words said by scholars and commentators. The Federal Reserve’s job is to keep an eye on employment and inflation. The fact that the governor has publicly listed AI as a labor market risk shows that it has entered the formal vision of monetary policy makers.
He gave no specific response plan. However, the point that "small businesses cannot use AI" is more specific than the general statement of "AI will steal jobs", and it is more worthy of consideration by domestic small and medium-sized bosses.