Artificial intelligence could transform the economy faster than any previous technology. Policymakers must respond quickly to understand and mitigate potential disruptions, according to economists and researchers.

A group of experts has issued a statement warning that AI may become significantly more powerful in the next decade. This technology might bring substantial risks like job displacement, along with benefits such as improved living standards.

Nearly 200 individuals, including 15 Nobel laureates and chief economists from leading AI labs like OpenAI and Anthropic, signed the statement titled “We Must Act Now.” Notable signatories include Jack Clark, a co-founder of Anthropic, Eric Schmidt, former CEO of Google, and Vinod Khosla, a well-known venture capitalist.

Tech industry leaders have voiced concerns about AI’s growing power, which might quickly dominate human work, leading to joblessness. Some economists have expressed skepticism, explaining that technological shifts usually occur more gradually than industry advocates predict.

However, some experts are becoming worried that AI is spreading faster and more extensively than previous technologies, and that economists are downplaying the dangers. The statement highlights that AI’s impact could surpass the Industrial Revolution but unfold over a much shorter period.