Artificial intelligence (AI) is poised to transform the economy at a pace surpassing any previous technology. Economists and researchers are urgently advocating for policymakers to understand and react quickly.
In a statement released on Monday, researchers express concerns that AI could become dramatically more potent in the next decade. This evolution brings both risks, such as massive job displacement, and opportunities like substantial improvements in living standards.
The statement, titled “We Must Act Now,” garnered signatures from nearly 200 individuals, including 15 Nobel laureates and chief economists from top AI laboratories, Open AI and Anthropic. Notable figures joining the chorus include Jack Clark, a co-founder of Anthropic; Eric Schmidt, once Google’s CEO; and Vinod Khosla, a respected venture capitalist.
Leaders in technology have cautioned for several years about AI’s potential to seize a significant portion of human labor, resulting in widespread unemployment. Traditionally, economists have maintained skepticism toward these predictions, often suggesting that technological change is typically gradual.
However, some economists are increasingly worried that AI’s economic influence may be more expansive and rapid than past technologies. They argue that the economic profession might be underestimating these risks.
The statement added urgency by saying AI’s impact could outscale the Industrial Revolution, unraveling vastly quicker. Such concerns are now spreading more broadly among professionals.
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