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Accelerating artificial intelligence (AI) capabilities will enable automation of some tasks that have long required human labor.1 These transformations will open up new opportunities for individuals, the economy, and society, but they have the potential to disrupt the current livelihoods of millions of Americans. Whether AI leads to unemployment and increases in inequality over the long run depends not only on the technology itself but also on the institutions and policies that are in place. This report examines the expected impact of AI-driven automation on the economy and describes broad strategies that could increase the benefits of AI and mitigate its costs.