Nearly 200 experts warn AI could dwarf Industrial Revolution in scale and speed

Nearly 200 economists, technology leaders, and other experts have signed an open letter titled "We Must Act Now" that warns artificial intelligence could reshape the global economy at a scale and speed exceeding the Industrial Revolution. The statement was signed by 15 Nobel laureates, the chief economists of OpenAI and Anthropic, former Alphabet Inc. Google CEO Eric Schmidt, Anthropic co-founder Jack Clark, and venture capitalist Vinod Khosla, among others.

The signatories warn that the AI transformation could create significant economic gains and higher living standards while simultaneously posing substantial risks, particularly widespread job displacement. The statement emphasizes that this change would unfold at a much faster pace than the Industrial Revolution, potentially catching societies and policymakers unprepared. Stanford economist Erik Brynjolfsson, who played a key role in organizing the letter, told the New York Times he sees "a big gap there, a big mismatch, and I'm kind of worried that we're not going to be ready for the tsunami that's coming."

The letter calls on economists, policymakers, and technology leaders to urgently study AI's economic impact and establish the right incentives, safeguards, and institutions to ensure AI benefits society broadly rather than concentrating gains narrowly. Economist Justin Wolfers, who signed the letter, acknowledged on X (formerly Twitter) that "None of us know what our AI-fueled future holds, but the range of possibilities includes both utopian and dystopian scenarios," while also noting that "our current policy debate isn't fit for this pivotal moment."

The warning comes amid broader concern about AI's distributional effects. Palantir Technologies CEO Alex Karp has separately warned that AI could become the biggest driver of wealth inequality in the U.S., with the technology potentially improving living standards for many while disproportionately enriching those leading the AI revolution. This backdrop suggests the economists' call for action is driven not only by the scale and speed of AI advancement, but also by anxiety about who will benefit from it.

The warning from nearly 200 economists and tech leaders reflects a significant shift in how some mainstream economists view artificial intelligence's economic trajectory. Historically, many economists have been skeptical of dramatic near-term AI impacts, arguing that technological shifts typically unfold gradually. However, the signatories of this statement argue that AI may differ from past innovations—spreading faster and more broadly, with potential risks being underestimated by current policy discussions. The breadth of the coalition (including both Nobel laureates and leading technologists) suggests the concern spans both the academic economics establishment and the AI industry itself.

The statement's framing of AI as potentially surpassing the Industrial Revolution in scale while moving at a much faster pace reflects anxiety about preparedness. Erik Brynjolfsson's comment about a "tsunami that's coming" and the explicit gap between current policy debate and the magnitude of change underscores the signatories' view that existing institutions and safeguards are not yet adequate. The call for urgent action—not gradual study—signals the statement's authors believe the window for shaping AI's trajectory may be narrowing.