The new statement, backed by 16 Nobel laureates and organized by Stanford’s Digital Economy Lab, warns that AI could transform the economy faster than previous technological revolutions.
More than 200 economists, AI researchers, and technology leaders signed a public statement warning that governments and businesses need to prepare now for the economic effects of increasingly powerful AI systems.
The statement, released Monday by Stanford University’s Digital Economy Lab under the banner “We Must Act Now,” has support from 16 Nobel laureates as well as prominent figures from economics and artificial intelligence. The organizers say AI could reshape the economy on a scale larger than the Industrial Revolution, but over a much shorter period.
Among the signatories are AI pioneer Geoffrey Hinton, Nobel Prize-winning economists Joseph Stiglitz and Daron Acemoglu, and economist Michael Spence. Economists Erik Brynjolfsson, Ajay Agrawal, Anton Korinek, and Tom Cunningham organized the initiative.
The signatories argue that economists, policymakers, and technology leaders should begin building the institutions and incentives needed to ensure that AI complements human workers and benefits society. They warn that increasingly capable AI systems could create both major economic gains and significant disruption for workers, businesses, and public institutions.
The effort is being coordinated through We Must Act Now, a new initiative hosted by Stanford’s Digital Economy Lab. The effort will continue gathering support from economists and AI researchers concerned about how rapidly advancing AI systems could affect labor markets and economic growth.
In the announcement accompanying the statement, the organizers said economists and policymakers have a limited window to understand and respond to AI’s potential effects. They argue that preparing now will give governments more options as AI systems become more capable over the coming decade.
