Prominent economists, tech executives call for new regulatory approach to AI

2026-07-13 · Source: AI – SiliconANGLE · Field: Legal & Regulatory — Regulatory Affairs & Government Relations, Compliance & Risk Management, Artificial Intelligence & Machine Learning · Depth: Fundamental Awareness, quick

Summary

A coalition of over 200 economists and tech industry leaders, including Nobel laureates and former Google CEO Eric Schmidt, published a public letter on July 13, 2026. They urged policymakers to adopt a new regulatory framework for artificial intelligence. Organized by economics professors Erik Brynjolfsson, Ajay Agrawal, Anton Korinek, and Tom Cunningham, the initiative highlights AI's rapid advancement. It predicts an "unprecedented transformation of our economy" within the next decade, potentially surpassing the Industrial Revolution in scale. The signatories emphasize the need for "incentives, guardrails, and institutions" to guide AI development beneficially. This framework should address risks like "large-scale job displacement" and opportunities for "major gains in living standards." This call follows similar initiatives from the Future of Life Institute and OpenAI, which proposed an AI-focused sovereign wealth fund.

Key takeaway

For policymakers developing national AI strategies, this broad consensus from economists and tech leaders signals an urgent need to prioritize comprehensive regulatory frameworks. You should establish new institutions and guardrails. Incorporate diverse expert input to manage AI's rapid economic transformation. This will also mitigate risks like job displacement. Proactively exploring mechanisms such as AI-focused sovereign wealth funds, as suggested by OpenAI, could be a critical step in guiding beneficial AI development.

Key insights

Economists and tech leaders advocate for new AI regulation to manage rapid transformation and ensure beneficial outcomes.

Principles

• AI's rapid advance necessitates proactive regulatory frameworks.
• Regulation must include input from economists and tech experts.
• AI transformation could exceed the Industrial Revolution's impact.

Method

The article calls for policymakers to "build the incentives, guardrails, and institutions needed to steer AI in a direction" that benefits humanity, with input from economists and technology experts.

In practice

• Form cross-disciplinary AI policy working groups.
• Evaluate AI's economic impact on job markets.
• Consider sovereign wealth funds for AI development.

Topics

• AI Regulation
• Economic Transformation
• Job Displacement
• Sovereign Wealth Funds
• AI Governance
• Public Policy

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Editorial summary, takeaway, and curation by AIssential. Original article published by AI – SiliconANGLE.