Leading Economists and Tech Experts Urge Immediate Action on AI’s Economic Impact

Nearly 200 economists, AI researchers, and technology leaders, including 16 Nobel laureates in economics and executives from OpenAI and Anthropic, have issued a rare joint statement calling on governments, companies, and policymakers to urgently prepare for the economic effects of the AI revolution. The document, titled "We Must Act Now," warns that AI systems could become significantly more powerful within the next decade, triggering a broad economic transformation potentially greater than the Industrial Revolution but unfolding much faster.

The signatories highlight both the opportunities and risks posed by AI’s rapid advancement, including the possibility of large-scale job losses alongside substantial improvements in living standards. Economist Erik Brynjolfsson of Stanford University, one of the initiative’s leaders, emphasized the growing gap between AI’s technological progress and society’s understanding of its economic consequences. He stressed the need to guide AI development so it complements humans and fosters prosperity for many rather than a few.

Nobel laureates Michael Spence and Daron Acemoglu also supported the call for a coordinated response, citing the uncertainty about AI’s future impact and the urgency of directing AI toward beneficial outcomes. Acemoglu, previously critical of overly optimistic AI forecasts, urged redirecting AI to minimize risks and serve workers and society.

The statement urges economists, governments, and tech executives to invest in research and early preparations, creating incentives, safeguards, and institutions to ensure AI integrates alongside humans rather than replacing them. Importantly, the document does not advocate halting AI development but calls for adapting economic and social systems to the new era. The central challenge, the authors say, is to ensure the technological revolution delivers widespread benefits instead of concentrating wealth among a small elite.