Clinakos Inc. CEO Inder Jaggi joined other CEOs, philanthropists, and leaders invited by Stanford University Graduate School of Business at its one-of-a-kind “Business, Government, and Society Forum” on April 3, 2024. Speakers included Stanford GSB dean and now the president of Stanford University Jon Levin, CEO of Google Sundar Pichai, Chairman of the US Federal Reserve Jeremy Powell, and Arianna Huffington, CEO of Thrive Global. The discussions highlighted the potential role of AI in driving productivity growth and its uncertain impact on long-term economic growth, while also emphasizing the challenges of leading economic policy during periods of significant uncertainty and change.

Some of the key highlights were:

🌟Role of AI on Productivity: AI is acknowledged as a potential driver of productivity growth. There has been significant growth in AI-related activities, especially in Silicon Valley. However, the impact of AI on productivity is uncertain, and it’s too early to see its effects reflected in productivity numbers.

🌟Productivity Growth Uncertainty: Productivity growth, which is a key component of long-term economic growth, is highly unpredictable. While AI is expected to increase productivity, its actual impact remains to be seen. There’s uncertainty about whether AI will replace or augment labor, and the proportion of each remains unknown.

🌟US Fed Policy Focus: While AI’s potential for increasing productivity is recognized, it’s not a primary focus for monetary policy. The Federal Reserve’s mandate is primarily focused on maintaining stable prices and maximum employment through the business cycle.

🌟Ariana Huffington’s comments on Healthcare focused on the skyrocketing healthcare costs with 90% going towards chronic and mental health conditions. AI can help personalize and democratize behavior change: AI-powered health coaches can provide personalized recommendations and support for behavior changes, making it easier for everyone to improve their health.

We believe, as the Stanford forum discussions suggest, that AI has the potential to be a powerful force for good. Clinakos Inc. is committed to being at the forefront of responsible AI development, ensuring a future where AI benefits all.