Economists and Researchers Call for Policymakers to Address AI’s Rapid Economic Impact

A group of economists and researchers has issued a statement urging policymakers to understand and respond promptly to potential disruptions caused by artificial intelligence. They caution that AI could change the economy more rapidly than any previous technology.

The statement, released on Monday and titled “We Must Act Now,” highlights the possibility of AI becoming significantly more powerful in the next decade. It mentions risks like large-scale job displacement but also opportunities for substantial improvements in living standards.

Nearly 200 individuals, including 15 Nobel laureates and chief economists from leading AI labs like OpenAI and Anthropic, have signed the statement. Jack Clark, a co-founder of Anthropic, Eric Schmidt, former Google CEO, and venture capitalist Vinod Khosla are among the notable signatories.

Tech industry leaders have been cautioning that AI might take over many human jobs, leading to high unemployment. Economists have mostly been skeptical, arguing that technological advancements usually occur gradually rather than instantly.

However, concerns are growing among some economists that AI is integrating into the economy at a faster pace than past technologies. The profession might be underestimating the associated risks.

This Monday’s statement reflects increasing awareness that these issues could have impacts larger than the Industrial Revolution but could unfold in a much shorter period.