A coalition of over 200 economists and technology researchers, including 15 Nobel laureates, published an open letter on June 18 urging governments and technology leaders to establish new policies and institutions to manage the economic effects of artificial intelligence. The signatories, which include researchers from OpenAI, Google DeepMind, and Anthropic, expressed concerns that without intervention, AI could worsen economic inequality and concentrate power.
The document, titled “Statement on AI and Shared Prosperity,” outlines the group’s position that the direction of AI development is not predetermined and can be guided by public policy. The letter states that current AI trends are focused on automation, which could displace workers and reduce labor’s share of income without creating sufficient new roles or societal benefits.
“We can have a more prosperous, egalitarian future with AI, but this is not the path we are on,” the statement reads. “We need a redirection of AI development and a new set of policies to ensure that this technological revolution benefits everyone.”
The signatories identified several areas of concern. They noted the potential for AI to increase the surveillance of workers, weaken labor’s bargaining power, and concentrate economic and political power in the hands of a small number of companies and individuals. The letter also highlighted the risk of what it termed “excessive automation,” where tasks are automated even when humans could perform them more efficiently or at a lower cost, driven by corporate strategies or tax incentives.
To address these issues, the letter proposes a multi-pronged policy approach. The recommendations include:
Tax Reform: The group suggests changes to the tax code to “correct the bias towards excessive automation,” potentially by increasing taxes on firms that profit extensively from AI while reducing taxes on the use of human labor.
Worker Protections: The statement calls for strengthening workers’ rights and their voice in the decision-making process regarding the implementation of AI in the workplace.
Public Investment: The signatories advocate for government investment in technologies that complement human labor rather than replace it, aiming to create new skills and job opportunities.
Regulation: The letter calls for regulation to protect data privacy and ownership and to ensure that AI systems are transparent and accountable.
Notable signatories include Nobel Prize-winning economists Joseph Stiglitz and Angus Deaton, as well as Daron Acemoglu, an economist at the Massachusetts Institute of Technology who has written extensively on the effects of technology on labor. Turing Award winner Yoshua Bengio, a prominent figure in AI development, also signed the letter.
The publication of the statement contributes to an ongoing global discussion among policymakers, industry leaders, and academics about the societal impact of artificial intelligence and the need for regulatory frameworks to govern its development and deployment.
