Nobel laureate: AI cannot recreate the era of rapid economic growth

According to Odaily Planet Daily, on July 7, Christopher Pissarides, the 2010 Nobel laureate in Economics, warned that artificial intelligence will not return Western economies to the era of high productivity growth—an era that may be gone for good. Pissarides stated that up to 40% of jobs in the United States and the United Kingdom will remain largely unaffected by AI, citing sectors such as caregiving and hospitality. Tech companies and governments are pinning their hopes on AI to revive the growth levels that have slowed significantly in recent decades. The weak performance of Western economies, particularly in Europe, has made policy trade-offs more difficult. However, Pissarides said there is currently little evidence that AI will boost productivity, questioning the claims of Nvidia CEO Jensen Huang and OpenAI founder Sam Altman that the technology will have a profound impact on employment. Although the technology may bring some productivity gains, "I doubt we will see a repeat of the computer boom of the 1980s and 1990s," Pissarides stated.