The operation of ChatGPT and similar artificial intelligence (AI) tools is expected to improve in the near future, with many experts predicting a major “upheaval” for many professions in the coming years.
The new wave of AI-powered chatbots that have garnered huge interest in recent months can converse in a human-like manner and will soon be able to comfortably handle numerous tasks across industries. Speaking at a conference in Scotland this week, Cypriot Nobel-winning economist Christophoros Pissarides suggested that rather than leading to mass redundancies, as many fear, he believes the AI revolution could instead lead to a shorter working week. “I’m very optimistic that we could increase productivity,” Mr. Pissarides said in comments reported by Bloomberg
. We could increase our general well-being from work and we could take more time for leisure. We could easily go to a four-day work week.” Pissarides, a professor at the London School of Economics and an expert on the impact of automation on the workplace, suggested that AI tools could free human workers from menial tasks “They could do a lot of the boring stuff that we do at work. and then leave only the interesting stuff to the people,” he said.
While the four-day week would be welcomed by many people who currently work five or more days, there are still many questions surrounding such a change. For example, would a shorter work week result in lower wages for those working fewer hours? And while a four-day week may be on offer, will companies gradually reduce the size of their workforce as AI takes over more and more tasks? Pissarides’ remarks follow a report by Goldman Sachs, which said up to 300 million jobs, mostly white-collar workers, could be lost or affected in some way by the latest artificial intelligence technology.
The Goldman Sachs analysis said that while a large number of jobs are likely to be affected by artificial intelligence, many roles will be helped by the technology and not eliminated. In addition, he said that the shift to AI will lead to the creation of new jobs in the technology sector and will lead to an increase in productivity as work will be carried out in a more efficient manner. “While the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are therefore more likely to be complemented than replaced by AI,” said Goldman Sachs.
The fact is, however, that while we know big changes are coming, it’s still too early to tell to what extent rapidly changing technology will affect the workplace.
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