The new wave of artificial intelligence—so-called AI—is bringing with it promises as well as threats.
By assisting workers, it can raise productivity and boost real wages. By making use of large, underutilized data, it can improve outcomes in services including retailing, health and education.
The risks include deepfakes, privacy abuse, unappealable algorithmic decisions, intellectual property infringement and wholesale job losses.
Both the risks and the potential benefits seem to grow by the day. On Thursday, Open AI released new models it said could reason, performing complex calculations and drawing conclusions.
But, as a specialist in competition and consumer protection, I have formed the view that calls for new AI-specific regulations are largely misguided.
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