Sixteen Nobel Prize winners and over 200 other experts have issued a strong warning about the economic changes coming from artificial intelligence (AI). They published a statement called "We Must Act Now: A Statement on AI's Transformation of the Economy." They believe AI will change the world's financial system very quickly, much faster than past technological changes like the Industrial Revolution.
Economist Anton Korinek explained that while past technologies gave societies many years to adapt, AI might only give us a few years. He stressed that we cannot wait to create strategies and new systems while the changes are happening, because by then it will be too late. Korinek organized this effort with other scholars, including Erik Brynjolfsson from Stanford University, Ajay Agrawal from the University of Toronto, and Tom Cunningham. They brought together experts like Nobel laureates Michael Spence, Simon Johnson, and Daron Acemoglu.
The warning also includes leaders from companies developing AI, such as Sarah Friar from OpenAI, Jeff Dean from Google DeepMind, and Jack Clark from Anthropic. They are not asking to stop AI development. Instead, they want immediate research into how AI will affect jobs, businesses, and government. They are calling for new plans to ensure AI helps human workers rather than just replacing them. The experts believe the speed of AI development is much faster than our understanding of its economic effects. Their statement, available online, is a call to action to prepare society for these rapid changes.