OpenAI hires first Chief Economist to study the economic impact of AI

Artificial intelligence has gone beyond being a buzzword to the point where seemingly every company now claims to have some kind of AI running in the background. How much of that is real is up for debate, but there's no doubt it's going to reshape our lives in the decades to come by automating routine tasks, allowing workers to focus on more complex tasks.

In the best case scenario, AI can lead to improved work output and increased productivity, as well as increased innovation in products and services. However, there's also the fear that AI could exacerbate income and wealth inequality, while also eliminating jobs. 

OpenAI is one of the companies that's been on the forefront of the development of AI technology, and si to study the true economic impact of AI it announced on Tuesday the appointment of Dr. Aaron “Ronnie” Chatterji as its first Chief Economist. 

Dr. Chatterji is currently the Mark Burgess & Lisa Benson-Burgess Distinguished Professor of Business and Public Policy at Duke University. Previously, he served as the White House’s CHIPS coordinator for the Biden administration, where he oversaw the execution of the $52 billion CHIPS and Science Act. He was also as Acting Deputy Director of the White House National Economic Council; and as the Chief Economist of the US Department of Commerce.

Prior to that he was a senior economist on President Obama’s Council of Economic Advisers and sered on multiple statewide advisory commissions on economic policy in North Carolina.

In his role as Chief Economist at OpenAI, Dr. Chatterji will lead research into how AI will influence economic growth and job creation. That include the global economic impacts of building AI infrastructure, insights on longer-term labor market trends, and how to help the current and future workforce harness the benefits of this technology. 

It's currently speculated by McKinsey Global Institute that AI could increase global GDP by about 1.2% annually by 2030, while PricewaterhouseCoopers estimates that AI could contribute up to $15.7 trillion to the global economy by the same year.  

“My career has focused on studying how innovation and entrepreneurship shape our economy and society, and I am excited to apply my skills to support OpenAI’s mission to ensure that the benefits of artificial intelligence are widely distributed. I look forward to contributing to research that helps inform how we transition to an AI-driven economy," Dr. Chatterji said in a statement. 

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