An open letter organized by Stanford University's Digital Economy Lab and released on Monday has been signed by over 200 economists and AI researchers, including 16 Nobel laureates, urging policymakers and technology leaders to "act now" to prepare for the economic impact of artificial intelligence.

The letter cautions that AI may grow far more capable over the coming decade, driving a transformation "larger than the Industrial Revolution, but unfolding over a vastly shorter time frame." It adds that this could bring risks, including large-scale job displacement, as well as opportunities such as major gains in living standards.

To address this impending disruption, the letter calls for governments and industry to create "incentives, guardrails, and institutions" that ensure AI is complementary to humans and beneficial to society.

Anton Korinek, a University of Virginia professor who organized the initiative, stressed that the window for action is narrowing: "We cannot improvise our strategy and institutions in the middle of the transformation; waiting for certainty means arriving too late."

The letter comes amid mounting signs of AI's toll on employment. In October, Amazon announced it was cutting about 14,000 jobs, months after its CEO revealed that generative AI and agents would be taking over some roles.

In the United States, recent college graduates have found themselves facing an increasingly tight labor market. In December, the United Nations warned that AI could deepen inequality between nations, with wealthier economies reaping early gains, while poorer countries risk being left behind.

Source: www.aljazeera.com