We Must Act Now – A Statement on AI's Transformation of the Economy

We Must Act Now

A Statement on AI’s Transformation of the Economy

AI may become radically more powerful over the next 10 years.

This could drive an unprecedented transformation of our economy, larger than the Industrial Revolution, but unfolding over a vastly shorter time frame. It could bring risks, including large-scale job displacement, as well as opportunities such as major gains in living standards.

Economists, policymakers and technology leaders must act now to understand the economics of transformative AI and to build the incentives, guardrails, and institutions needed to steer AI in a direction that complements humans and benefits society.

Signatories Erik Brynjolfsson , Stanford University Ajay Agrawal , University of Toronto Anton Korinek , University of Virginia and Anthropic Tom Cunningham , METR Michael Spence , New York University* Daron Acemoglu , MIT* Diane Coyle , University of Cambridge Chad Jones , Stanford University David Autor , MIT Joseph Stiglitz , Columbia University* Niall Ferguson , Stanford University Jason Furman , Harvard University Simon Johnson , MIT* Christopher A. Pissarides , London School of Economics* Paul Milgrom , Stanford University* George Akerlof , Georgetown University and University of California, Berkeley* Philippe Aghion , INSEAD* Dan Hendrycks , Center for AI Safety Eric Schmidt , Former CEO of Google Peter Howitt , Brown University* Oliver D. Hart , Harvard University* Bengt Holmstrom , MIT* Alvin Roth , Stanford University* Michael Kremer , University of Chicago* Roger B. Myerson , University of Chicago* Paul Krugman , Graduate Center of the City University of New York* Ben Bernanke , Brookings Institution* Pascual Restrepo , Yale University Jaan Tallinn , University of Cambridge Daniel Susskind , Gresham College Yoshua Bengio , Université de Montréal, LawZero and Mila Gillian Hadfield , Johns Hopkins University Raffaella Sadun , Harvard Business School Tyler Cowen , George Mason University Reid Hoffman , Greylock Wojciech Zaremba , OpenAI Foundation David J. Deming , Harvard University Jack Clark , Anthropic Ronnie Chatterji , OpenAI Dean Ball , OpenAI Jeff Dean , Google Joshua Gans , University of Toronto Abhishek Nagaraj , University of California, Berkeley Jeffrey Sachs , Columbia University Peter McCrory , Anthropic Alex Imas , University of Chicago Stephanie Bell , Partnership on AI Rebecca Finlay , Partnership on AI Gina Raimondo , RAISE US Yann LeCun , Advanced Machine Intelligence Labs John McHale , University of Galway Oskar Nordström Skans , Uppsala University Ebehi Iyoha , Harvard Business School Kevin Bryan , University of Toronto Judy Chevalier , Yale University Shannon Liu , University of Toronto Shai Bernstein , Harvard Business School Alexander Oettl , Emory University Benjamin Jones , Northwestern University Scott Stern , MIT Hong Luo , University of Toronto Amir Sariri , Purdue University John List , University of Chicago Rebecca Henderson , Harvard Business School Ben Weidmann , University College London Kristina McElheran , University of Toronto Basil Halperin , University of Virginia Christian Catalini , MIT Rembrand Koning , Harvard Business School Lee Lockwood , University of Virginia Daniel Trefler , University of Toronto Annie Liang , Northwestern University Anders Humlum , University of Chicago Jonathan Colmer , University of Virginia Maria del Rio-Chanona , University College London Janice Stein , University of Toronto David Yanagizawa-Drott , University of Zurich Frank Neffke , Complexity Science Hub Eva Vivalt , University of Toronto Doh-Shin Jeon , Toulouse School of Economics Adam Posen , Peterson Institute for International Economics Jakub Growiec , SGH Warsaw School of Economics David Hémous , University of Zurich Elliott Ash , ETH Zurich Klaus Prettner , Vienna University of Economics and Business Donghyun Suh , Bank of Korea Benjamin Moll , London School of Economics Philipp Schmidt-Dengler , University of Vienna Olivier Blanchard , Peterson Institute for International Economics Emilio Calvano , LUISS University of Rome John Van Reenen , London School of Economics Maryam Farboodi , Cornell University Sholto Douglas , Anthropic John Schulman , Thinking Machines Martin Beraja , University of California, Berkeley John Fernald , INSEAD Boaz Barak , Harvard University and OpenAI Arnaud Costinot , MIT Noam Brown , OpenAI Anna Salomons , Tilburg University and Utrecht University Olivier Jeanne , Johns Hopkins University Neil Thompson , MIT Simone Daniotti , Utrecht University Jerry Yang , AME Cloud Ventures Leonardo Gambacorta , Centre for Economic Policy Research Daniel Kokotajlo , AI Futures Project Michiel Bakker , MIT and Google DeepMind Manuel Trajtenberg , Tel Aviv University Giacomo Calzolari , European University Institute Jeff Wilke , Re:Build Manufacturing Jacques Crémer , Toulouse School of Economics Danny Yagan , University of California, Berkeley Beatrice Weder di Mauro , Centre for Economic...

We Must Act Now – A Statement on AI's Transformation of the Economy

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