In a significant development, over 200 economists, including 16 Nobel laureates, signed a statement titled 'We Must Act Now' on July 13, 2026, acknowledging their lack of understanding regarding the economic implications of artificial intelligence (AI). This statement was organized by Anton Korinek, a professor of economics at the University of Virginia, and highlights the urgent need for economists, policymakers, and technology leaders to comprehend the transformative potential of AI. The signatories expressed concern that AI could lead to a radical transformation of the economy, potentially more significant than the Industrial Revolution, but occurring over a much shorter time frame.
The statement emphasizes three key warnings: the rapid advancement of AI capabilities, the potential for unprecedented economic transformation, and the necessity for immediate action to build the appropriate incentives, guardrails, and institutions to ensure that AI benefits society. Michael Spence, a Nobel laureate from New York University, called for a collaborative approach to steer AI in beneficial directions, given the uncertainty surrounding its impact. The urgency of this call to action is underscored by the acknowledgment that the field of economics is currently ill-equipped to address the challenges posed by AI.
The statement also reflects a broader concern within the economic community regarding the lack of clarity surrounding AI's effects on the labor market. Torsten Slok, chief economist at Apollo Global Management, pointed out that the concept of 'AI exposure' is contested, with multiple measurement frameworks yielding conflicting results. This disagreement complicates the understanding of which jobs are at risk due to AI advancements. The economists' admission of being 'flying blind' into a critical period in history highlights the need for timely and reliable evidence to assess where AI is creating value and where it may disrupt employment.
As AI technologies continue to evolve rapidly, the call for action from these leading economists serves as a crucial reminder of the importance of proactive measures to mitigate risks and harness the potential benefits of AI. The statement's release marks a pivotal moment in the discourse surrounding AI and its economic implications, urging stakeholders to prioritize research and collaboration to navigate the complexities of this transformative technology.
