The open statement says that leaders in this space must act now to understand the economics of transformative AI and steer the tech in the right direction.

Almost 200 economists and technology leaders have signed a statement warning of the risks posed by AI if it is to be left ‘unchecked’ in the coming years. Many of the world’s experts are concerned that AI is reaching a stage where it is too powerful and needs to be guided in a more human-focused direction.

The statement, which is titled “We Must Act Now,” was organised by economists Erik Brynjolfsson, Ajay Agrawal, Anton Korinek and Tom Cunningham and was signed by a range of people close to the issue.

This includes several Nobel laureates, the chief economists of Open AI and Anthropic, Jack Clark, a co-founder of Anthropic, Eric Schmidt, the former CEO of Google and experts from Cambridge University, Stanford, Harvard and Oxford, among others. 

The statement said, “AI may become radically more powerful over the next 10 years. This could drive an unprecedented transformation of our economy, larger than the Industrial Revolution, but unfolding over a vastly shorter time frame. It could bring risks, including large-scale job displacement, as well as opportunities such as major gains in living standards.

“Economists, policymakers and technology leaders must act now to understand the economics of transformative AI and to build the incentives, guardrails, and institutions needed to steer AI in a direction that complements humans and benefits society.”

The statement is reflective of a landscape in which more and more people are becoming concerned about AI’s potential to eliminate employment, impact the economy and affect how we live our lives. 

In early July, Microsoft announced it is laying off 4,800 people, including 3,200 from its gaming division Xbox, as the company aims to cut costs and flatten its organisational structure in response to AI and a changing landscape.

In June, new research from Boston Consulting Group (BCG), found that for many organisations, AI is fundamentally reshaping the nature of work, leadership and how employees experience the workplace. While there were positive elements to the research, many contributors also found an increase in ‘cognitive load’, creating a paradox’ where AI is making work better and harder simultaneously. 

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