Is four-day work week potential with little help from ChatGPT?

The ChatGPT revolution opens the door to a four-day week by offering a significant productiveness increase for swathes of jobs, in accordance with a Nobel Prize-wining labor economist.

Christopher Pissarides – a professor on the London Faculty of Economics who specializes within the affect of automation on work — stated the labor market can adapt shortly sufficient to synthetic intelligence-backed chatbots. His comment tamp down considerations that fast advances in know-how might carry mass job losses.

“I’m very optimistic that we might improve productiveness,” he stated in an interview at a convention in Glasgow. “We might improve our well-being usually from work and we might take off extra leisure. We might transfer to a four-day week simply.”

Chatbots, akin to OpenAI’s ChatGPT and Google’s Bard, have been hailed as a doubtlessly transformative know-how that might trigger a productiveness growth but additionally expose lots of of tens of millions of white collar jobs.

Pissarides has beforehand investigated the affect of automation on jobs by means of the Pissarides Evaluation into the Way forward for Work and Wellbeing. He received a Nobel Prize in economics for his work on labor market frictions.

Pissarides stated the know-how might nonetheless take a malevolent flip, akin to getting used for surveillance or invading privateness. However he stated it might make a “large distinction” to productiveness if used effectively.

“They might take away plenty of boring issues that we do at work … after which depart solely the fascinating stuff to human beings,” he stated. The transition for staff will probably be made much less painful by slower adoption by firms regardless of the know-how “transferring quick,” he added.

Some are involved of the affect the know-how might have on society. Tech leaders, together with Elon Musk, signed an open letter final month calling for a pause to the coaching of highly effective AI programs.

“There’s simply no restrict to how a lot work humanity might generate in the event that they actually need to work,” Pissarides stated. “It would take lengthy to have an actual affect and through that point folks will regulate. What you want on this adjustment is principally upskilling.”

His remarks comply with a Goldman Sachs report that estimated that 300 million jobs are uncovered globally to generative AI, akin to ChatGPT. The financial institution’s economists additionally argued that it could possibly be transformative for productiveness and GDP progress.

Superior economies have suffered a shifting down in productiveness features for the reason that monetary disaster, slowing GDP progress markedly.

“The mix of serious labor price financial savings, new job creation, and better productiveness for non-displaced staff raises the potential of a productiveness growth that raises financial progress considerably,” Goldman’s economists stated in a report final month. “We estimate that AI might finally improve annual world GDP by 7%.”

This story has been revealed from a wire company feed with out modifications to the textual content. Solely the headline has been modified.

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