‘We Must Act Now’: Nobel laureates, economists, and executives on the risks of AI
Over 200 economists, artificial intelligence researchers, technology executives and Nobel laureates have come together to issue a warning about the potential economic consequences of advanced AI.
In a short statement titled ‘We Must Act Now’, released on Monday 13 July, the group argues that governments, businesses, and policymakers must prepare immediately for a technological transformation that could exceed the scale of the Industrial Revolution and unfold far more rapidly.
The letter follows similar public statements on AI, including Pope Leo XIV’s encyclical, discussed in our previous AI Watch update here, and a 38-page essay by Anthropic CEO, Dario Amodei. Signatories to the ‘We Must Act Now’ statement include Anthropic co-founder Jack Clark and former Google CEO Eric Schmidt.
Key Takeaways
At the centre of the warning is the belief that AI systems could become dramatically more capable over the next decade. If this happens, the technology could reshape labour markets, business models, and economic structures at a pace that would leave workers, institutions, and governments struggling to respond. Signatory Anton Korinek, a professor of economics at the University of Virginia and member of Anthropic’s Economic Advisory Council, posted on X that, in comparison to previous waves of technological change, “steam, electricity, and computers gave societies decades to adapt. AI may give us only a few years”.
There is particular concern about the potential for large-scale job displacement. However, the statement also implies that this outcome is not inevitable. The argument is that governments, businesses and technology leaders have the opportunity to shape AI in a way that complements human capabilities rather than replacing them outright. Effective policies, incentives, and institutions could help ensure that the benefits of technological progress are shared more widely across society.
In order to achieve this, deeper research into the economics of AI is required, as well as the creation of governance frameworks that can respond to rapid technological change. Clearly, existing economic and political institutions were designed for a very different era and may not be adequately prepared for the challenges posed by increasingly capable AI systems.
The statement reflects the growing debate within academia, government, and the technology industry regarding the long-term consequences of artificial intelligence. Although experts continue to disagree about the pace and scale of future disruption, by issuing this collective warning, the group is encouraging proactive planning rather than reactive crisis management.
