More than 200 economists and artificial intelligence (AI) researchers, including 16 Nobel laureates, are calling for deeper research into AI’s long-term economic effects, warning the technology could become “radically more powerful” within the next decade.

In a statement released Monday, the group said AI could transform the global economy on a scale greater than the Industrial Revolution but in a much shorter period. While AI could significantly improve living standards, they warned it also poses risks such as widespread job displacement.

The signatories urged economists, policymakers and technology leaders to develop incentives, safeguards and institutions that ensure AI complements workers and benefits society.

The statement was organized by economists Erik Brynjolfsson, Ajay Agrawal, Anton Korinek and Tom Cunningham and signed by more than 200 academics and AI experts.