Investors have been drawn to companies involved in AI technology since the release of OpenAI’s ChatGPT in November 2022, leading to a debate on Wall Street about the level of enthusiasm for AI. Former Treasury Secretary Larry Summers, now on OpenAI’s board, believes that technological innovations take longer to materialize than expected but then accelerate rapidly. He does not anticipate a productivity boom from AI in the next few years, citing the time it takes for new technologies to become widely accessible to the public. Summers mentioned the example of autonomous vehicles, where despite years of investment, there have been no significant job losses. However, he sees AI as potentially the most significant economic development since the Industrial Revolution, with the ability to replace almost all forms of human labor. He predicts that AI will eventually be able to perform nearly every human job, emphasizing the importance of emotional intelligence over IQ in the future. Summers believes that AI will not only impact white-collar jobs but also tasks like making medical diagnoses and building homes. He envisions a future where AI plays a crucial role in various aspects of human labor, highlighting the need for emotional intelligence in professions that require human connection and empathy.
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Source link: https://fortune.com/asia/2024/03/28/larry-summers-treasury-secretary-openai-board-member-ai-replace-forms-labor-productivity-miracle/
Larry Summers predicts AI will replace most jobs soon. #automation
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