TLDR:
Former Google CEO, Eric Schmidt, believes that AI has the potential to double everyone’s productivity by automating complex tasks and even highly skilled jobs. He argues that AI will compete with humans in producing great literature and that even top-paying jobs could be automated. Schmidt suggests that AI will first replace the worst jobs and allow workers to automate tasks through simple text prompts.
Article Summary:
Former Google CEO Eric Schmidt spoke at the FII Priority Summit in Miami, stating that AI has the capability to double everyone’s productivity by automating tasks. Schmidt believes AI will eventually be able to replace highly skilled jobs, including those of academics and executives. He highlighted that even top-paying jobs might be automated in the future as AI technologies evolve.
Schmidt discussed how AI could compete with humans in producing literature through data analysis of human experiences. He also mentioned that automation historically tends to replace the most dangerous and poorest jobs first. Schmidt suggested that AI will allow workers to automate tasks using simple text prompts, making processes more efficient.
On the other hand, U.S. Federal Reserve board member Lisa Cook emphasized that productivity gains from AI adoption might take longer to materialize. She mentioned that the full benefits of AI require complementary investments and changes in corporate structures and worker training. Despite the potential productivity growth offered by AI, the journey towards realizing these benefits could be long and uneven.