A new petition launched by economists regarding artificial intelligence’s transformative effect on the economy has secured the support of a glittering list of the profession’s heavyweights. The core demand is that policymakers must immediately intervene to protect society from the potential ill effects of AI. Its apparent popularity does not, however, render it a consensus view, with some regarding it as the latest example of what could be regarded as excessive government intervention.

The petition – posted on the somewhat alarmist URL www.wemustactnow.ai – is composed of only three brief statements:
(1) AI may become radically more powerful over the next 10 years.
(2) 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.
(3) 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.

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Dr. Omar Ahmad AlUbaydli, Studies and Research Director