Artificial intelligence ‘will ultimately be to the internet as the computer was to the calculator’
“Here’s the big thing — I’ve been doing this for 45 years now, there hasn’t been a moment when the technological possibilities ahead of the world have been as bright as they are today,” said Summers, who is a paid contributor to Bloomberg TV.
That latter innovation “will ultimately be to the internet as the computer was to the calculator,” Summers said. “It is a moment of stunning technological possibility.”
There’s a catch though.
“The 20s were a moment of stunning technological possibility with synthetic fabrics, with the automobile, with widespread electrification,” he said. “What followed the 20s wasn’t great. So it is a moment of epic challenge for governments in my country and for governments everywhere.”
He listed a number of approaches countries will need to take:
- “With all that opportunity, capital should not be flowing heavily into government debt as an alternative to all that fantastic investment” and that in the U.S., “it is further from being on a sustainable path than any time probably in in history.”
- “The system has to be made legitimate and to work for everybody. That wasn’t happening. That’s what you’re seeing in the elections in almost every country.”
- “No country is going to succeed without team mates in the global economy.”
- “Governments need to understand the central importance of execution.”