growth-and-innovation

Preparing for the Future of Artificial Intelligence

In this report, members of the Technology Policy Program of the Mercatus Center comment on the appropriate policy framework for artificial intelligence (AI) technologies at this nascent stage of their development and to make the case for prudence, patience, and a continuing embrace of “permissionless innovation.” Permissionless innovation refers to the idea that “experimentation with new technologies and business models should generally be permitted by default. Unless a compelling case can be made that a new invention will bring serious harm to society, innovation should be allowed to continue unabated and problems, if they develop at all, can be addressed later.”

Policymakers may be tempted to preemptively restrict AI technologies out of an abundance of caution for the perceived risks these new innovations might seem to pose. However, an examination of the history of US technology policy demonstrates that these concerns can be adequately addressed without quashing a potentially revolutionary new industry.

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