Nobel Prize winner Christopher Pissarides has stated that artificial intelligence will not return Western economies to an era of rapid productivity growth that is “forever a thing of the past.”
Technology companies and governments have expressed hope that AI could revive economic growth rates that have recently slowed sharply. However, Pissarides asserts there are no signs of increased productivity from AI technologies to date. He also questioned the claims by leaders at Nvidia and OpenAI that this technology would have significant “far-reaching implications for the labor market.”
“Although this technology is likely to bring some benefits in terms of increased productivity, I doubt that we will see a new computer boom similar to what we saw in the 1980s and 1990s,” Pissarides said. He added: “I do not think that productivity growth will match these levels.”
The economist urged people to accept that the period of rapid economic development has ended.
Earlier, UN Secretary-General Antonio Guterres warned that AI is advancing much faster than anticipated, with regulatory frameworks unable to keep pace. In response, he called for a global set of rules governing AI to reduce potential risks, particularly for children.
On June 17, Jeff Bezos, founder of Amazon, stated that widespread AI adoption would create labor shortages rather than replace human workers entirely. He noted that AI would increase demand for personnel within companies.
