In the current discourse on artificial intelligence, the interplay between expected consequences and understanding of social impacts demands a rigorous reinterpretation.

The former is the well-known, short-term impact of an automation technology: While it is pretty much certain that at some point AI will bring about new innovations and eliminate entire categories of problems faced by humanity, suffice it to say that at the moment, it is still an automation tool.

Like with all general-purpose technologies, in a first sequence, AI is already affecting employment — junior roles are being replaced, weakening intergenerational training and reducing opportunities for skill transmission within professions. As this new technology dramatically lowers costs, there is a clear path for higher corporate margins, hence the frothy stock market despite a more muted general macroeconomic environment, but no........

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