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Economists, Nobel Prize winners, and researchers from major technology companies advocate for immediate policies to prepare workers, governments, and institutions.
The artificial intelligence may cause a greater and faster economic transformation than the Industrial Revolution, according to an international warning released this Monday, 13.
More than 200 researchers and economists signed a joint statement on the possible impacts of the technology.
Among the participants are 15 Nobel Prize winners, as well as researchers and representatives from OpenAI, Anthropic, and Google.
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According to the document, governments and technology sector leaders need to create policies and institutions capable of addressing the economic changes caused by AI.
Experts warn of accelerated transformation
The statement asserts that artificial intelligence can enhance productivity and transform different sectors of the economy.
However, this change may occur in a much shorter period than other major technological revolutions.
Steam, electricity, and computers, for example, allowed societies to have decades to adapt businesses, professions, and institutions.
Artificial intelligence, however, may offer only a few years for this preparation.
In light of this, experts advocate that governments should not wait for the impacts to appear before starting to develop measures.
Labor market is among the main concerns
The possible large-scale job loss appears among the main risks highlighted by the signatories.
Moreover, companies, workers, and public institutions may face profound changes in work relations.
For this reason, the statement calls for broader research on the economic effects of artificial intelligence.
The document also proposes the immediate development of policies aimed at ensuring that the technology benefits the entire society.
Among the main measures advocated are:
- Expansion of research on the economic impacts of AI;
- Creation of policies to monitor changes in the labor market;
- Development of institutions prepared to face social risks;
- Protection of workers affected by automation;
- Broader distribution of the economic benefits of technology.
Economist warns of few years for adaptation
Anton Korinek, professor at the University of Virginia, highlighted the speed of changes brought by artificial intelligence.
“Steam, electricity, and computers gave societies decades to adapt. AI may give us only a few years”, he stated.
In March, Korinek joined the economic research team at Anthropic.
According to the economist, policies and institutions need to be structured before the economic transformation is fully underway.
“We cannot improvise our strategy and institutions in the midst of transformation; waiting for certainty means arriving too late”, he concluded.
Initiative brings together economists and technology leaders
Anton Korinek organized the initiative alongside economists Erik Brynjolfsson, Ajay Agrawal, and Tom Cunningham.
Additionally, the declaration received signatures from influential representatives of the artificial intelligence sector.
OpenAI’s Chief Financial Officer, Sarah Friar, is among the signatories.
Google DeepMind’s Chief Scientist, Jeff Dean, also participated in the initiative.
Anthropic’s co-founder, Jack Clark, signed the document alongside members of the economic team of the company responsible for the chatbot Claude.
Nobel Laureates in Economics support declaration
The initiative also received support from important Nobel Prize winners.
Among them are Michael Spence, Daron Acemoglu, and Simon Johnson.
The experts argue that institutional preparation should happen before the economic effects of AI become more difficult to manage.
Consequently, governments, companies, and researchers need to discuss now how to protect workers and distribute the benefits of technology.
Early preparation can reduce social risks
The statement reinforces that artificial intelligence could quickly alter production, jobs, and the functioning of institutions.
Therefore, the absence of planning could increase inequalities and difficulties in the job market.
At the same time, appropriate policies could help society take advantage of the economic benefits of innovation.
The central warning from the experts is clear: waiting for absolute certainties could cause governments to react too late.
In your opinion, should governments already be creating policies to protect workers from the impacts of artificial intelligence? Leave your comment!
