Global economic growth is poised for a transformational shift, driven by artificial intelligence (AI) and technological progress, American economist Lawrence H. Summers cautioned against leaving technology unchecked.
Speaking at the diamond jubilee celebrations of the Delhi School of Economics, Summers highlighted that technological change is set to dominate economic history in the coming decades.
“There’s a possibility that we could be moving toward another kind of transformative change with the proliferation of artificial general intelligence,” Summers said, describing AI as “the first technology that is, in the deepest sense, self-improving.” Does it. He said that unlike previous innovations like electricity or fire, which required human input to improve, AI has the ability to enhance itself and progress rapidly.
Summers also praised India’s economic growth, highlighting its growing influence on the global stage. “The fact that instead of world bank India is working to reform, India is working to reform the World Bank, it is a symbol of the wonderful change that has happened in India.”
He pointed to India’s success in energizing its economy by allowing private sector initiatives To flourish. “Removing excessive regulation, the excessive need for various types of permits, could contribute to a more rapid diffusion of the technology,” he said.
