AI Regulation

Rohan Sharma

Chapter Chapter 3 in AI and the Boardroom, 2024, pp 27-36 from Springer

Abstract: Abstract As AI continues to evolve at an exponential rate, the urgency to regulate it is growing just as rapidly. AI systems are becoming more powerful, complex, and self-optimizing, leading to transformative impacts on people’s lives and society as a whole. Without proper regulation, the risks associated with these technologies could far outweigh their benefits. Various approaches to AI regulation are being considered—from creating new laws, adapting existing ones, to developing industry standards and best practices. While each approach has its strengths and weaknesses, a balanced framework that combines these methods is likely the best path forward. The goal is to protect individuals and society from AI’s risks while fostering innovation that can address some of humanity’s biggest challenges. Are we ready to implement the necessary guardrails, or will we fall into the same pitfalls we saw with unregulated social media? This chapter explores the approaches to AI regulation, emphasizing the importance of finding the right balance between oversight and innovation. The time to act is now—let’s craft a regulatory framework that ensures AI serves humanity ethically and effectively.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:979-8-8688-0796-1_3

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DOI: 10.1007/979-8-8688-0796-1_3

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