REGULATING THE SINGULARITY

Goran Prodanov ()
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Goran Prodanov: "Konstantin Preslavsky" University of Shumen, Bulgaria

Economic Science, education and the real economy: Development and interactions in the digital age, 2020, issue 1, 691-701

Abstract: The rapid pace of technological progress that has marked the last two decades removed the term "Artificial Intelligence" from the field of science fiction and placed it at the heart of scientific research. The market is already seeing the first manifestations of AI and its applications are numerous, such as the optimization and management of various types of production processes, medicine and diagnostics of diseases, online marketing, autonomous vehicles and many more. The effects of its applications are reflected in every sphere of public life -economic, social, cultural, political, etc. The enormous resources at the high-tech giants? disposal, as well as their enormous market appetite and the exceptional competitive edge provided by this new technology, catalyze the process of further developing and refining it. However, a number of researchers in the field have long warned of the potential risks involved. Some even consider these risks to be existential!Should this new technology be institutionally regulated, or should it be ruled by "the invisible hand of the market"? A PEST analysis has been conducted in order to outline the macroeconomic picture in this field and hint us whether we should control the development and use of AI that is thought to someday surpass human intelligence?!

Keywords: Artificial Intelligence; AI; Singularity; Technology; Regulation; Legislation (search for similar items in EconPapers)
JEL-codes: O38 (search for similar items in EconPapers)
Date: 2020
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