Former U.S. Treasury Secretary Larry Summers, now on the board of ChatGPT developer OpenAI, believes that while AI has the potential to revolutionize the economy, its impact will take time to materialize. However, Summers maintains that AI could be the biggest economic development since the Industrial Revolution, eventually replacing most forms of human labor, particularly cognitive tasks. He said: “If one takes a view over the next generation, this could be the biggest thing that has happened in economic history since the Industrial Revolution,”he added. “This offers the prospect of not replacing some forms of human labor, but almost all forms of human labor.”
From building homes to making medical diagnoses, Summers predicted that AI will eventually be able to do nearly every human job, particularly white collar workers’ “cognitive labor.”
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