What happened: U.S. and EU regulators have increasingly opened up to the possibility of regulating artificial intelligence (AI). AI poses an interesting challenge as regulators look to define what it is and the reasonable balance between regulation and the progression of the technology.
On one hand, AI can drastically improve quality of life by running complex algorithms to help create cures for diseases or invent new technology. On the other hand, it can — and is — replacing jobs and careers around the globe. People like Tesla Inc. CEO Elon Musk have warned it will eventually replace every job, making the need to work obsolete.
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One legislator, U.S. Rep. Ted Lieu, D-California, recently introduced a bill to regulate AI that was written entirely by AI. The bill, about a page in length, calls for Congress to focus on AI “in order to ensure that the development and deployment of AI is done in a way that is safe, ethical and respects the rights and privacy of all Americans and that the benefits of AI are widely distributed and the risks are minimized.”
Like the majority of bills, it’s almost certainly not going to survive in its current form, but it is a creative way to highlight both the risks and benefits associated with AI. It allowed a representative to write a bill in a matter of seconds, which replaced the job of a lawyer or legislator who could have drafted the bill.
Why it matters: As AI continues to become a larger part of everyday life, this will only continue. Startups like RAD AI, an AI marketing platform, can increase marketing efficiency by as much as 100% on average, effectively doubling the effectiveness of any marketing department. While something like this can complement an existing marketing department, it can also make the job market more competitive. AI has been one of the most funded areas for venture capitalists and retail investors alike, with RAD AI raising over $2.5 million from retail investors alone.
AI is revolutionizing industries ranging from robo-taxis to fast food. However, many of the initial jobs being replaced are primarily low-paying jobs, meaning it could result in fewer, higher-paying jobs, ultimately closing the current labor shortage in a number of these industries. For example, rather than constant labor shortages resulting from 40 low-paying jobs at a restaurant, these can be replaced with several fewer people managing various robotic systems, performing maintenance and ensuring things go smoothly throughout the restaurant.
This balance, as well as the potential for abuse, highlights many of the pros and cons in the industry and the reason behind the current regulatory push.
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