ChatGPT may usher in four-day work week, says Nobel Prize-winning economist

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

Christopher Pissarides – a professor on the London College of Economics who specializes within the impression of automation on work — mentioned the labor market can adapt shortly sufficient to synthetic intelligence-backed chatbots. His comment damp down considerations that speedy advances in expertise may carry mass job losses.

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

Chatbots, reminiscent of OpenAI’s ChatGPT and Google’s Bard, have been hailed as a probably transformative expertise that would trigger a productiveness growth but in addition expose a whole lot of hundreds of thousands of white collar jobs.

Pissarides has beforehand investigated the impression of automation on jobs by means of the Pissarides Review into the Future of Work and Wellbeing. He gained a Nobel Prize in economics for his work on labor market frictions.

Pissarides mentioned the expertise may nonetheless take a malevolent flip, reminiscent of getting used for surveillance or invading privateness. However he mentioned it may make a “massive distinction” to productiveness if used nicely.

“They might take away plenty of boring issues that we do at work … after which go away solely the fascinating stuff to human beings,” he mentioned. The transition for employees shall be made much less painful by slower adoption by corporations regardless of the expertise “transferring quick,” he added.

Some are involved of the impression the expertise may 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 may generate in the event that they actually need to work,” Pissarides mentioned. “It can take lengthy to have an actual impression and through that point folks will alter. What you want on this adjustment is mainly upskilling.”

His remarks observe a Goldman Sachs report that estimated that 300 million jobs are uncovered globally to generative AI, reminiscent of ChatGPT. The financial institution’s economists additionally argued that it may very well be transformative for productiveness and GDP development.

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

“The mixture of serious labor value financial savings, new job creation, and better productiveness for non-displaced employees raises the opportunity of a productiveness growth that raises financial development considerably,” Goldman’s economists mentioned in a report final month. “We estimate that AI may ultimately improve annual world GDP by 7%.”

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