Economists Urge Action on AI's Potential Impact on Jobs

More than 200 economists, artificial intelligence researchers, computer scientists, and technology executives have signed an open letter urging governments and institutions to prepare for the economic disruptions that AI could bring, The Associated Press (AP) reported.

Artificial intelligence technologies are expected to reshape labor markets, prompting economists to call for new policy safeguards.

The letter, organized by Stanford University's Digital Economy Lab, warns that AI could become dramatically more powerful over the next decade, reshaping the global economy at a pace far faster than the Industrial Revolution.

"AI may become radically more powerful over the next 10 years," the letter states.

"This could drive an unprecedented transformation of our economy... It could bring risks, including large-scale job displacement, as well as opportunities such as major gains in living standards."

The signatories argue that policymakers should establish incentives, safeguards, and institutions that ensure AI complements human workers while benefiting society.

According to Stanford, the letter has been signed by more than 200 economists and AI researchers, including 16 Nobel Prize laureates.

Among the signatories is AI pioneer Yoshua Bengio, who said that, based on current technological trends, it is "highly plausible that AI will drastically transform our economies."