[Editorial] "Prepare for AI Transition, Act Now" - We Must Heed Scholars' Voices

A significant warning has been issued by a coalition of over 200 leading economists and artificial intelligence researchers, including 15 Nobel laureates. They assert that AI is poised to instigate a transformation far more profound and rapid than the Industrial Revolution, urging immediate global action to address its potential societal consequences. In a joint statement titled "Act Now," the experts declared, "Artificial intelligence will drive an unprecedented transition in our economy. This will be bigger than the Industrial Revolution but will unfold much faster." While acknowledging the potential for significant improvements in living standards, they also cautioned about substantial risks, including large-scale job displacement. This chorus of concern from distinguished economists amplifies existing warnings from AI industry leaders about the potential for widespread unemployment. South Korea, like the rest of the world, stands at the precipice of this AI revolution. Recent developments, such as Samsung Electronics' large performance-based bonuses and Hyundai Motor's introduction of the humanoid robot 'Atlas,' highlight the rapid integration of AI and robotics into the economy. Some analyses already suggest a decline in youth employment opportunities due to the expanding influence of AI. Traditionally, South Korea has adopted a follower strategy, adapting economic and social frameworks established by leading industrial nations. However, the AI era demands a proactive approach. The scholars emphasize the need for economists, policymakers, and technology leaders to understand AI's economic impacts and to develop incentives, safeguards, and institutions that guide AI development toward complementing human capabilities and benefiting society. Labor Minister Kim Young-joo's recent call for a "new social contract for the AI era" that serves humanity resonates with this urgency. The existing frameworks, forged during the industrial age, are insufficient to manage the impending changes. The government and National Assembly are called upon to comprehensively diagnose the impact of AI and swiftly draft a new social contract encompassing employment relations, social security systems, and taxation to navigate this transformative period.

“

Artificial intelligence will drive an unprecedented transition in our economy. This will be bigger than the Industrial Revolution but will unfold much faster.