OpenAI Chief Economist Ronnie Chatterji has dismissed concerns that artificial intelligence will render human workers obsolete, telling central bankers that early predictions of widespread job losses have not come to pass.
AI as a Complement, Not a Substitute
Speaking at the European Central Bank's annual retreat in Sintra, Portugal, Chatterji emphasized that exposure to AI does not automatically lead to job displacement. "Just because a task is exposed to AI doesn't mean it's gonna substitute for that," he said. "We need to think a lot harder about what jobs are, how they will evolve, and that will help us give advice to people about labour-market trends rather than being optimistic or pessimistic."
Chatterji illustrated his point with a personal anecdote about his father, an economist in 1985 whose job was highly exposed to the introduction of personal computers. "But instead of using a punch card in a big room in a mainframe computer to run regressions, now he could run them on his computer. And it was a compliment to his work over time that made him more productive," Chatterji explained.
Central Banks Eye AI's Economic Impact
AI's effect on the economy has become a central question for the ECB and other central banks, as widespread worker displacement could significantly influence growth and inflation. While ECB researchers reported earlier this year that there was no evidence of job cuts yet, President Christine Lagarde has said she is "extremely attentive" to the issue. Policymakers are also debating how much the euro zone can benefit from AI without owning the most advanced models. Lagarde argues that rapid adoption can still offer Europeans many advantages.
Rapid Adoption in Europe
Earlier in the day, ECB Chief Economist Philip Lane told Bloomberg Television that AI adoption is accelerating in Europe's economy. "Our firm surveys, our consumer surveys do see quite rapid adoption compared to previous general purpose technologies," Lane said. "Now of course that is global, but Europe is many ways well placed to adopt AI. So I'm optimistic we do think it's a positive factor for productivity, for investment, but it's still early days."
Software Development as a Counterexample
Chatterji pointed to software development as a sector where early fears of job losses have not materialized. "Those jobs shrinking as AI capabilities increased — that really hasn't happened to the same extent people were predicting," he said. The remarks come as global central banks grapple with the potential labor market disruptions from generative AI, which has advanced rapidly since the launch of OpenAI's ChatGPT in late 2022.
