Generative Artificial Intelligence,the Change of Employment and Income Inequality
Generative artificial intelligence(Generative AI),represented by ChatGPT,is gaining prominence in fields such as autonomous driving,speech recognition,and image recognition,and is increasingly scrutinized for its impact on employment and income distribution.This paper constructs a vocational selection model to analyze how Generative AI influences the em-ployment and incomes of diverse residents,thereby affecting income inequality.In our model,generative artificial intelligence reveals a dual effect on income inequality.On one hand,while it en-hances the human capital of individual residents,it also reduces labor demand in the job market,leading to higher unemploy-ment rates.Furthermore,generative AI excludes certain entrepreneurs from accessing credit markets,thereby reducing resi-dents'income and exacerbating income inequality.On the other hand,generative AI increases enterprise profits through tech-nological innovation,encouraging more entrepreneurs to enter the credit market and expand production.This stimulates de-mand for human capital,raises wages,reduces unemployment,and ultimately mitigates income inequality.Overall,the extent to which generative AI alleviates income inequality hinges on the combined impact of its human capital and technological in-novation channels.Heterogeneity analysis shows that generative AI is more likely to exacerbate income inequality in condi-tions where wealth distribution is more unequal,capital's share in production is lower,and there are larger financial frictions in the credit market.Additional policy analysis indicates that fiscal policies aimed at lowering taxes for businesses are more effective in mitigating the impact of generative artificial intelligence on income inequality compared to inclusive lending-oriented monetary policies.Nonetheless,a coordinated approach combining both strategies can achieve more substantial im-provements.The conclusions point to several policy implications:(1)Promote the development of artificial intelligence,with a focus on generative AI,to accelerate the modernization of traditional sectors.(2)Enhance the employment security system and implement various measures to stabilize the job market.(3)Foster innovation in high-tech industries and encourage entrepre-neurship.This paper contributes to the existing literature in three key ways:(1)Unlike previous studies that focus primarily on the impact of artificial intelligence,this paper specifically examines the economic effects of the latest generative artificial intelli-gence.It develops a theoretical model that links generative AI to resident incomes,offering a new quantitative framework for analyzing the income impacts of generative AI.(2)While existing research typically explores AI's impact through physical capital,this paper shifts the focus to how generative AI influences income inequality through human capital and technological innovation mechanisms.(3)The paper also provides a discussion on optimizing the effects of generative AI on income inequal-ity from the perspectives of monetary and fiscal policy.This offers theoretical insights for policymakers on managing the im-pact of emerging technologies like generative AI on the labor market.
Generative Artificial Intelligencethe Change of EmploymentIncome Inequalitythe Vocational Selection Model
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