NEJM AI Grand Rounds The Economics of AI: A Conversation with Larry Summers
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Dec 18, 2024 
Larry Summers, a seasoned economist and former U.S. Treasury Secretary, dives into the transformative power of AI in a stimulating conversation. He highlights AI as possibly the most significant technology ever invented, reshaping economics and society. Summers provides insights on his role at OpenAI during a critical leadership transition and discusses the governance challenges posed by AI's rapid evolution. The discussion also navigates the interplay of economic principles and AI development, emphasizing the necessity of human values in shaping future technologies.
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AI's Significance
- AI may be the most important technology ever, potentially surpassing historical events in significance.
- It could be as impactful compared to the internet as the computer was to the calculator.
Radical Abundance and its Limits
- Radical abundance from AI doesn't mean everything will be free; scarcity and exclusivity still exist.
- Human desire for comparison and relative value persists, making utopia unlikely.
Joining OpenAI's Board
- Larry Summers joined OpenAI's board after the 2023 leadership change due to his experience.
- The board thoroughly investigated the transition, finding no safety or safeguard issues with OpenAI's products.