Nearly 200 AI and economic experts sign statement on AI economic impact

Nearly 200 AI and economic experts signed a joint statement calling for action to prepare for possible economic changes from artificial intelligence. The statement said AI may become radically more powerful over the next 10 years. It added that AI could drive an unprecedented transformation of the economy, larger than the Industrial Revolution but unfolding over a shorter time frame, possibly leading to worker displacement.

Signatories and statements Former Google CEO Eric Schmidt, one of the signatories, said in a LinkedIn post that the outcome of AI is unknown but that it is coming fast. Other signatories include former President Obama’s chief economist and current Harvard professor Jason Furman, Anthropic cofounder Jack Clark, and top AI researcher Yoshua Bengio.

The statement said AI could also generate major gains in living standards and increases in wealth due to productivity.

Policy recommendations Bengio posted on X that choices must be intentional and collective rather than leaving outcomes to market forces. MIT economics professor David Autor, one of the signatories, told the Wall Street Journal that results depend on societal institutions and policies built to share gains and address costs.

The statement calls on economists, policymakers, and technology leaders to act now to understand the economics of transformative AI and build incentives, guardrails, and institutions.

Current context The current administration has made efforts to address the AI revolution. Members of the House of Representatives have introduced bipartisan legislation including the Great American AI Act and measures such as the Kids Internet and Digital Safety Act and the SAFE KIDS Act.