Journal Article

Opinion: Is AI Taking Over?

Abstract: Artificial intelligence (AI) is taking over — at least in the popular press, the equity market, podcasts, and, increasingly, economics research. Richmond Fed economists are no exception, with many of my colleagues studying AI adoption and its implications for productivity and the economy. In this column, I'll take stock of what we know, what we can forecast from theory, what we can extrapolate, and the implications. In 1980, economist Julian Simon famously bet against biologist Paul Ehrlich in favor of human innovation over resource depletion and won. Will AI be the innovation that creates so much abundance that scarcity is irrelevant? Or will innovation make human contributions obsolete?

Bibliographic Information

Provider: Federal Reserve Bank of Richmond

Part of Series: Econ Focus

Publication Date: 2026-06-23

Volume: 26

Issue: Q3