More than 200 economists, researchers, and tech leaders, including former Google CEO Eric Schmidt, LinkedIn co-founder Reid Hoffman, and Nobel laureates, have signed an open letter warning of the potential economic risks and opportunities posed by artificial intelligence (AI). The letter, titled 'We Must Act Now,' emphasizes the need for policymakers, economists, and technology leaders to prepare for AI's transformative impact over the next decade.
The group warns that AI could become 'radically more powerful' and drive an unprecedented economic transformation, potentially leading to 'large-scale job displacement.' However, they also highlight opportunities such as major gains in living standards and increased productivity. The letter calls for the creation of guardrails, incentives, and institutions to steer AI in a direction that complements humans and benefits society.
Among the signatories are prominent figures from the tech industry, including Anthropic co-founder Jack Clark, OpenAI finance chief Sarah Friar, and AI researchers Yoshua Bengio and Yann LeCun. The letter was organized by the Stanford Digital Economy Lab and is deliberately concise, focusing on the urgent need for action.
The statement underscores the importance of societal and governmental responses to AI's economic impact. MIT economics professor David Autor noted that the outcomes depend on the policies and institutions built to share gains and address costs. The current administration has been urged to take proactive measures to ensure that AI benefits society as a whole.