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The need to regulate artificial intelligence (AI) arose immediately after the widespread adoption of ChatGPT last fall, which popularized the technology among the public.
Even industry insiders recognized the necessity of a developmental pause, acknowledging that expertise in the field does not necessarily equate to proficiency in regulating its potential risks. This led to the proposal of a White House AI Bill of Rights and an educational effort led by Senate Majority Leader Chuck Schumer, D-N.Y.
Concerns surrounding AI encompass job displacement, data security and privacy, misinformation, errors in autonomous defense systems, discrimination, bias, and even the existential threat to humanity itself.
Before implementing regulation, it is crucial to demonstrate an actual market failure and ensure that the benefits outweigh the costs.
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Although we have encountered similar threats in different contexts, is there something new that justifies regulating AI? And if so, what are the potential costs associated with it?
WHAT IS ARTIFICIAL INTELLIGENCE (AI)?
Before implementing regulation, it is crucial to demonstrate an actual market failure and ensure that the benefits outweigh the costs.
Doomsday predictions without concrete evidence are not a substitute for identifying actual problems. While job displacement may occur with the integration of AI across various industries, it will also result in the creation of new jobs and the elimination of tedious tasks.
Data security and user privacy are already challenges being addressed in the market and by legislators. Concerns about misinformation are likely to be addressed in the Supreme Court’s upcoming term regarding the rise of social media platforms.
The use of AI in autonomous defense can be privately managed with human oversight and safeguards. As for existential threats, we are not currently at a point where immediate concern is warranted. It is assumed that we will have developed more safeguards by the time those concerns arise.
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The Federal Register currently has 435 regulatory agencies. It is difficult to believe that none of these agencies have the authority to address any potential problems that may arise. Additionally, appointing one agency to regulate AI, a technology that will be applied in countless different ways across various industries, raises concerns about their expertise. According to my colleague Wayne Crew’s Ten Thousand Commandments, current federal regulations cost $1.927 trillion, equivalent to 8% of GDP.
Do we really need to jeopardize the numerous benefits of AI by over-regulating it from the beginning?
A healthier and wealthier society is typically better equipped to adapt to challenges and find solutions. The widespread use of AI will lead us towards a more prosperous society. Just like with any new technology, AI will present challenges, but part of our nation’s success lies in allowing innovation and addressing issues as they arise.
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Politicians and regulators do not possess clairvoyant abilities. They cannot predict the nature of every problem before it occurs. Such knowledge is only gained through trial and error in the market. Only by allowing AI to evolve can we determine its benefits, setbacks, and instances where regulation is necessary.
Implementing regulation too early runs the risk of depriving us of the advantages of AI. How many advancements in efficiency, improvements in quality of life, or lives saved by medical breakthroughs are we willing to sacrifice in an attempt to avoid theoretical problems that may never materialize?
Before implementing regulatory constraints on AI, we must identify real problems, consider the trade-offs that regulation brings, and honestly assess the probability of those laws effectively solving the issue at hand. Failing to do so would be detrimental to Americans and hinder progress.
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Additionally, excessive regulation may hinder our competitiveness in the global race for AI leadership. Adversarial countries will not adhere to the same regulatory framework as us. Compared to the European Union (which does not have a single top 10 global tech company, unlike the U.S. with eight) and China and Russia (where we have set the standard in previous generations of telecommunications), our light-touch regulatory approach has served us well.
Before imposing regulatory restrictions on AI, we must identify real problems, weigh the trade-offs that regulation inevitably brings, and honestly assess the effectiveness of those laws in solving the identified problems. Failing to take these steps would be a disservice to Americans and hinder progress.
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