The Economics of AI: A Conversation with Larry Summers

In this episode of NEJM AI Grand Rounds, hosts Raj Manrai and Andy Beam interview Larry Summers, former Secretary of the Treasury and President of Harvard University, about artificial intelligence. Summers shares his perspectives on the evolution and potential impact of AI models, drawing parallels to the transformative nature of the internet and computers. He discusses the balance between the invisible hand of the market and the role of government intervention, the potential for AI to drive radical abundance, and the importance of considering human satisfaction and purpose in an age of increasing automation. The conversation also touches on Summers' experience on the board of OpenAI, the circumstances surrounding Sam Altman's brief removal as CEO, and the values embedded in AI models. Summers also answers rapid-fire questions about his appearance in "The Social Network," Arrow's Impossibility Theorem, and his time at Harvard.