UNITED STATES: Nobel Prize-winning labour economist Christopher Pissarides believes that the adoption of AI chatbots, such as ChatGPT and Google’s Bard, could potentially lead to a four-day workweek, while also increasing productivity and enhancing our overall well-being.
Pissarides, who specializes in studying the impact of automation on work, said that the labour market could adapt quickly enough to this technology to avoid mass job losses.
The impact of AI on employment has been a topic of concern for many people, with some predicting that the technology could lead to significant job displacement.
Pissarides, on the other hand, thinks that AI chatbots could be used to automate boring and repetitive tasks, which would free up people to do more interesting and creative work. This, in turn, could lead to higher productivity and a better work-life balance for employees.
Despite the potential benefits, Pissarides acknowledges that there are also concerns about the misuse of AI chatbots, such as surveillance and invasion of privacy. However, he believes that technology could still make a big difference in productivity if used correctly.
Pissarides’s comments came after a Goldman Sachs report said that 300 million jobs around the world could be affected by generative AI. The report argues that AI could lead to significant labour cost savings, new job creation, and higher productivity for non-displaced workers. The bank’s economists suggest that AI could eventually increase annual global GDP by 7%.
It is worth noting that while AI chatbots have the potential to improve productivity and work-life balance, the impact of this technology on the labour market and society as a whole is still unclear.
There are concerns about job displacement and the ethical use of AI that must be considered. Pissarides suggests that workers will need to upskill to adapt to the changing nature of work brought about by AI automation.
Overall, while there are certainly opportunities for increased productivity and shorter workweeks, there are also challenges and uncertainties associated with the adoption of AI chatbots in the workplace.
It will be interesting to see how this technology develops and how it will impact the labour market and society as a whole in the years to come.
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