Artificial intelligence (AI) holds the promise of fueling explosive economic growth and improving public health and welfare in profound ways—but only if we let it. Worryingly, the current dialogue around AI lacks nuance and could lead to stagnation rather than innovation. There are AI decelerationists on one side who seek to slow algorithmic progress using unworkable “pauses” and heavy-handed regulatory proposals. In contrast, the accelerationists want to let ‘er rip and hope everything will be fine without important development guidelines. But to make progress on AI innovation and its governance, America needs a better approach than these all-or-nothing extremes. We...