A Nobel laureate for sure
ChatGPT makes the four-day week possible
2023/04/05 15:29
A number of studies show that artificial intelligence will change the day-to-day work of many people – and make some jobs redundant. Nobel laureate and labor economist Chris Pisarides, on the other hand, sees an opportunity in the spread of ChatGPT: “We could easily go to a four-day week.”
Many experts agree that the rapid development of artificial intelligence, such as the ChatGPT text bot, will have far-reaching implications for the world of work and will change the daily lives of employees. Last but not least, new technologies promise a productivity boom that could put a number of jobs at risk. While some studies suggest that artificial intelligence may perform certain tasks in the future, labor economist and Nobel laureate Chris Pissarides believes that ChatGPT opens the door to a four-day week.
“I’m very optimistic that we can increase productivity,” Pisarides said in an interview at a conference in Glasgow, according to Bloomberg. With the help of artificial intelligence, employees can also improve their overall well-being and allow themselves more free time. After all, ChatGPT and Co. could relieve employees of the boring tasks and leave the interesting tasks to the people. “We could easily go to a four-day week,” Pisarides says.
He is also convinced that the labor market can adapt quickly enough. The transition will be less painful for workers because companies are slow to adopt the technology, even as it “evolves rapidly,” he added.
Experts demand regulation
Elon Musk and many experts in the artificial intelligence industry called for a six-month hiatus in the development of artificial intelligence in late April. The time should be used to create a set of rules for this brand new technology, according to the published open letter. “Powerful AI systems should only be developed when we are confident that their impact is positive and their risks manageable.” But Pissarides makes everything clear. According to him, it will be a long time before the consequences are really felt. Until the time comes, people will adapt to the new realities of work. “Essentially, you need training to make that adjustment.”
The research department of the investment bank Goldman Sachs recently identified what this could mean for the labor market in a study. If so-called generative artificial intelligence lives up to the promised skills, it could lead to “significant disruptions in the labor market.” “Generative artificial intelligence” refers to computer programs that can generate new ideas, content, or solutions instead of simply operating according to predetermined rules or instructions.
Goldman Sachs estimates that about two-thirds of current jobs will be subject to some level of AI automation. Generative artificial intelligence can replace up to a quarter of current work. “Extrapolating our estimates globally, generative artificial intelligence could automate the equivalent of 300 million full-time jobs.”