Top economists and tech chiefs warned that AI could become dramatically more powerful over the next decade, bringing significant risks, widespread job displacement, and opportunities, such as higher living standards.
A statement titled “We Must Act Now” was signed by nearly 200 experts, including 15 Nobel laureates, the chief economists of OpenAI and Anthropic, former Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) Google CEO Eric Schmidt, Anthropic co-founder Jack Clark, and venture capitalist Vinod Khosla.
The statement warned that the transformation driven by this development could surpass the Industrial Revolution in scale while unfolding at a much faster pace. It could create significant economic gains and higher living standards, but also pose risks such as widespread job displacement.
While many economists have been skeptical, arguing that technological shifts typically happen more gradually, some are now expressing concerns that AI may be spreading faster and more broadly than previous innovations, with potential risks being underestimated.
The statement also urged economists, policymakers, and technology leaders to urgently study AI’s economic impact and create the right incentives, safeguards, and institutions to ensure AI complements humans and benefits society.
Stanford economist Erik Brynjolfsson, who played a key role in organizing the statement, told the New York Times, "I still see a big gap there, a big mismatch, and I’m kind of worried that we’re not going to be ready for the tsunami that’s coming.”
Noted economist Justin Wolfers, who also signed the letter, wrote on X, “None of us know what our AI-fueled future holds, but the range of possibilities includes both utopian and dystopian scenarios (and in-betweensies).”
AI Wealth Gap Debate Intensifies
The statement from the experts comes on the heels of Palantir Technologies Inc. (NASDAQ:PLTR) CEO Alex Karp’s warning that AI could become the biggest driver of wealth inequality in the U.S., saying the technology may improve living standards for many but disproportionately enrich those leading the AI revolution.
He said AI could make top industry players 10 to 100 times wealthier, creating a wealth gap far larger than previous technological shifts.
Earlier, economist Wolfers said the U.S. stock market’s record rally is being driven largely by a small group of AI-related companies, masking weaker performance across the broader market.
He argued that removing AI-linked firms eliminates much of the mystery behind new market highs, with the economy outside the AI sector appearing to be largely stagnant as AI investment fuels growth and market gains.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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