In this article for the Guardian, Joseph Stiglitz, Nobel laureate and former chief economist at the World Bank stresses the need for regulation in order for AI to serve its purpose of improving the lives of people.
Questions to Reflect On
Anyone who studied economics know Joseph Stiglitz, and how in-depth his knowledge is of a free market. He knows the dangers of allowing corporations unrestrained access to the market.
Beyond the impact of AI on work, Stiglitz believes that there are other things we need to be concerned about with is widerspread adoption:
- What meaning are technology first extracting from the data we hand over when we buy products, or use their service?
- How can corporations use this data to further their business objectives?
- How can the use of our own data affect us?
- How will the government reign us the use of AI?
- How can the government ensure that AI technologies are used only for the benefit of the general public?
These new tech giants are raising very deep issues about privacy and the ability to exploit ordinary people that were never present in earlier eras of monopoly power…Beforehand, you could raise the price. Now you can target particular individuals by exploiting their information.Joseph Stiglitz
Joseph Stiglitz on artificial intelligence: ‘We’re going towards a more divided society’
The technology could vastly improve lives, the economist says – but only if the tech titans that control it are properly regulated. ‘What we have now is totally inadequate’