Will AI cause unemployment? OpenAI economist: No!

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OpenAI Chief Economist Ronnie Chatterji said that the rise of artificial intelligence will not make human workers redundant.

Speaking at the European Central Bank's annual forum in Sintra, Chatterji said:

"Just because a job task is susceptible to AI does not mean AI will replace it. We need to think more deeply about the nature of work, and how work will evolve. Only then can we provide people with more valuable advice about labor market trends, rather than being blindly optimistic or pessimistic."

At the ECB's annual forum in Sintra, Portugal, Chatterji engaged in a conversation with Philip Lane and shared with central bank officials from various countries his own family's experience with the development of new technologies.

"My father was also an economist. In 1985, when he first brought a personal computer into his office, his job seemed highly susceptible to this new technology. But he was not replaced by the computer. Instead, he moved from relying on punch cards and running regressions on mainframes, to being able to do this directly on a personal computer. Ultimately, the technology became a powerful supplement to his work, increasing his efficiency."

The economic impact of AI has become one of the core issues of concern for the European Central Bank and other central banks globally. If AI were to massively replace workers, it could have a major impact on economic growth and inflation. This year, ECB researchers said there is so far no sign of AI leading to large-scale layoffs, but ECB President Christine Lagarde says she remains "highly attentive" to this issue.

Policymakers are also considering how much the eurozone can benefit from this technology, given that Europe does not own the most advanced AI models. Lagarde believes that as long as AI is embraced quickly, Europe can still reap many advantages from it.

Earlier that day, in an interview, Lane said that AI is "increasingly being widely adopted" in the European economy. He said:

"Whether in business surveys or consumer surveys, we've observed that AI is being adopted quite quickly compared to previous general-purpose technologies. Of course, this is a global trend, but in many ways Europe has a strong foundation for AI applications. Therefore, I am optimistic. We think AI will increase productivity and promote investment, but it is still at an early stage of development."

Chatterji also emphasized that the early market fears that AI would massively eliminate jobs have so far not become reality, citing the software development industry as an example. He pointed out:

"It was predicted that as AI capabilities improved, there would be a significant reduction in software development jobs, but this has not happened to the extent many people expected."

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