ChatGPT can propel four-day work-week? Here's what Nobel Prize-winning economist says

Have you ever wondered of a four-day workweek instead of the traditional five? A Nobel Prize-winning labour economist says that this is now more likely to happen as a result of the ChatGPT revolution since it will significantly increase productivity across a wide range of jobs.The idea behind a four-day workweek is to give employees an extra day off each week to improve their work-life balance, reduce stress, and improve overall well-being.

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Christopher Pissarides, a professor at the London School of Economics who has expertise in the effects of automation on work exudes confidence that chatbots can help in boosting productivity. “I’m very optimistic that we could increase productivity.”

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He made these remarks in an interview at a conference in Glasgow. “We could increase our wellbeing generally from work and we could take off more leisure. We could move to a four-day week easily.”

This comes amid apprehensions that the chatbots will snatch away our jobs, millions of them. But the comments and analysis seem to give a glimmer of hope that chatbots like Open AI's ChatGPT can be a positive driving force too.

Overall, the idea of a four-day workweek has gained traction in recent years, with more companies considering it as a potential way to improve employee well-being and productivity.

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For his contributions to the study of markets with search frictions, Christopher Pissarides received the 2010 Nobel Prize in Economics. According to Pissarides, technology like automated chatbotsmight still be utilised for evil purposesincluding spying or invasions of privacy as well. Yet if utilised properly, he claimed, it might make a tremendous difference to productivity.

“They could take away lots of boring things that we do at work … and then leave only the interesting stuff to human beings,” he said.

Some companies have been experimenting with the implementation of a four-day workweek and have reported positive results. Few of them said that it increased productivity, employee satisfaction, and reduced absenteeism too.

However, implementing a four-day workweek requires careful planning and consideration to ensure that it does not negatively impact business operations or cause undue stress for employees who may need to complete the same amount of work in less time.

“There’s just no limit to how much work humanity could generate if they really want to work,” Pissarides said. “It will take long to have a real impact and during that time people will adjust. What you need in this adjustment is basically upskilling.”

Earlier, according to Goldman Sachs experts, the most recent wave of artificial intelligence, which has given rise to websites like ChatGPT, has the potential to automate up to 300 million full-time jobs globally.

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In research published on 26 March, they anticipated that 18% of jobs may be digitised globally. Goldman Sachs estimates that widespread adoption of AI may ultimately raise worker productivity and increase global GDP by 7% annually over the next 10 years.

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