“When you think about AI in 2023, it’s not the Jetsons on the bright side or the Terminator on the worse side, it is just prediction technology. Lost in the hype around AI is the fact that the advancements in the technology are mainly the result of advancements in computational statistics, which have significantly improved prediction capabilities. Disruption Resulting From the Proliferation of AI is Coming “Regulation can make competing onerous for small startup companies… We need a robust, competitive environment to benefit most from AI,” he added, acknowledging that the technology’s risks must be addressed by responsible use. One of the biggest barriers to the widespread diffusion and increased innovation with artificial intelligence is that if we only have a couple of companies that are developing it, and that are allowed to develop it, then innovation could be limited,” explained Goldfarb. “The thing that I found powerful and useful in the executive order is the emphasis on competition. That’s why there is the need to balance AI’s responsible use in government with fostering a competitive environment for widespread AI diffusion and innovation amongst a competitive marketplace that pushes innovation forward. “It is the most likely general-purpose technology to lead to massive productivity growth…the important thing to remember in all discussions around AI is that when we slow it down, we slow down the benefits of it, too,” he said. “First, it seems to recognize the importance of AI to the economy and to a well-functioning government.”ĭrawing from his extensive academic research, Goldfarb added that AI was already revealing itself to be a technology with unparalleled potential to enhance our standard of living. “There’s a lot to like in this executive order,” Goldfarb said. The White House’s executive order on the safe, secure and trustworthy development of AI is a good a place as any to start, Avi Goldfarb, Rotman chair in artificial intelligence (AI) and healthcare and a professor of marketing at the Rotman School of Management, University of Toronto, told PYMNTS for the “TechREG Talks” series, presented by AI-ID. How do you regulate an everything-everywhere innovation like artificial intelligence (AI)?
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