‘We must act now’ on AI’s economic impacts, says economists – National

Source Domain: globalnews.ca

In an open letter signed by hundreds of economists, computer scientists, and some tech executives, it was stated that urgent action is needed to address the potential economic transformation brought about by artificial intelligence (AI) and its potential to displace many workers.
The statement highlights that AI could lead to an unprecedented economic transformation, larger in scope than the Industrial Revolution but occurring over a much shorter time frame.
The letter emphasizes that AI’s advancements in the next decade may create both large-scale job displacement and significant gains in living standards.
The letter calls for the development of incentives, guardrails, and institutions to ensure that AI transformations benefit society and complement human efforts, urging leaders to make collective, democratic choices rather than allowing market forces to dictate outcomes unchecked.

You may have missed