DO THIS NOW… Be prepared to share with the class Turn to your partner and discuss the following question: ”Which jobs would you be willing to entrust to AI or automation? Which jobs would you not be willing to entrust to AI or automation? Explain your answer.” Be prepared to share with the class

Should the government regulation automation and Artificial Intelligence in the labor market?

Labor Market in a Nutshell What is it? Supply and demand of labor What are the basics? Higher wages = more people willing to work, but also fewer available jobs Lower wages = fewer people willing to work, but more available jobs Supply and demand curves for labor market

Labor Market and Economic Health Unemployment rate: Healthy economy has between 4.5% and 5% unemployment rate Labor productivity: Healthy economy has a steadily growing rate of labor productivity Income growth: Healthy economy has a steadily growing income rate Unemployment rate since 1969

How Does Government Regulate Labor Markets to Benefit Economy? Minimum wages: Guarantee minimum hourly pay to increase labor supply Safe working conditions: Increase labor supply due to peace of mind in work place Regulate hours/overtime: Prevent employers from taking advantage of employees to increase labor supply

Problems with Government Regulations of Labor Market? THE COSTS: Government regulations in the labor market limit profits As a result, businesses look for ways to cut costs Cutting costs will inevitably negatively impact employees Creation of minimum wage lessens demand for labor

Enter Automation and Artificial Intelligence Automation and AI on the rise: Huge monetary savings for businesses Might come at the cost of U.S. laborers Should the government step in and regulate automation and AI in the labor market?

Should the government regulation automation and Artificial Intelligence in the labor market?

Fishbowl Discussion Procedures We will discuss the 3 questions you prepared for homework For each question, one student from each group of three will be speaking Those not speaking will be passing notes to those who are We will switch roles as we switch questions You will have 12-15 minutes per question

Expectations for Fishbowl Discussion Respectful discourse with your classmates Allow others to finish before you speak Always refer back to the provided text Let TWO others speak before you speak again You will be self-assessing your performance at the end

Question 1 How do the principles of labor markets (those ideas discussed in Document A) help us understand the possible effects that automation and Artificial Intelligence will have on the U.S. job market (those ideas discussed in Documents B-D)?

Question 2 What are the best arguments for and against government regulation of automation and Artificial Intelligence?

Question 3 Based on the available evidence, do you believe the U.S. government should regulate the use of automation and Artificial Intelligence in businesses, and if so, what should that regulation look like?

Automation and AI Debrief The good of automation regulation: Protect jobs of U.S. laborers Encourage better implementation of automation and AI Could aid workers in increasing productivity as opposed to replacing them The bad of automation regulation: Create economic stagnation Encourage businesses to move overseas What classifies as “automated technology/robot”?

Reminders Self Assessment! 