AI's Impact: Jobs, Economy, and Our Future - with Economist Toby Madden | Imagine AI Live 25 | E139

Imagine AI Podcast

Toby Madden, retired Federal Reserve economist and lifelong entrepreneur, joins the Imagine AI Live Podcast for a deep dive into how artificial intelligence is fundamentally transforming the economy, the labor force, and even how we educate the next generation. Recorded live at Imagine AI Live 25, Toby brings decades of macroeconomic insight into the AI conversation—offering sharp takes on universal basic income, the limits of consumption, and why AI-driven productivity gains might force us to rethink the idea of capitalism itself. We explore whether AI will trigger deflation, how it’s already impacting junior developers, and what governments can do to harness this shift for the benefit of all. Plus: why UBI might not kill work ethic, how education systems need to pivot, and the surprising link between casinos and statistics education. (0:00) Welcome & Guest Intro (Toby Madden) (0:48) Why AI-Driven Productivity Gains Matter (2:00) Who Loses in an AI-Powered Economy? (4:30) How AI Will Impact Labor and Consumption (6:27) Three Possible Societal Models for AI Abundance (7:49) Why the US Should Teach Statistics Over Calculus (9:57) AI-Powered Education Models in Arizona (12:15) Entrepreneurial Opportunities in AI (13:57) Warnings, Hallucinations & Staying Grounded (14:39) The Inevitable Spread of AI: Act Now