AI a Threat to Humanity? Free Markets after a Paradigm Transition

The rapid growth of AI has undoubtedly garnered attention from the general public, especially as it holds the potential to reshape our market dynamics and employment landscape. While the free market allows for technological innovation and has been the bedrock of many groundbreaking advancements, it’s also essential to recognize that such an environment provides opportunities for both legitimate and illicit actors.

The same free market principles that drive competition, efficiency, and innovation can also make it easier for bad actors to harness the potential of AI nefariously. However, this isn’t necessarily a case against free markets but a reminder that with freedom comes responsibility.

Let’s consider the concerns about AI in the job market. For instance, BT, the telecom giant, plans to reduce its workforce, attributing a portion of this reduction to AI advancements. While this may sound alarming, it’s vital to understand that throughout history, technological advancements, whether the steam engine or the internet, have always displaced certain jobs. But they also invariably create new ones. By adopting free market principles, we allow the economy to adjust organically to these shifts, ensuring that resources are allocated most efficiently.

But AI’s impact isn’t solely confined to reshaping job landscapes. There’s increasing talk about AGI, or “Artificial General Intelligence,” which holds capabilities comparable to human intelligence. Which according to working experts and not company founders is very far away. Corporate leaders like Sam Altman of OpenAI and Demis Hassabis of Google DeepMind have expressed concerns about AGI. With their expertise they would surely know that we’re not there yet and the talk about it is to enhance fear to motivate opinion to their own objectives. Technical experts like Yann LeCun, a Turing Award winner from France, is renowned for his work in machine learning, computer vision, and mobile robotics. He holds the title of Silver Professor at NYU’s Courant Institute and is Meta’s Vice-President and Chief AI Scientist. Yann’s viewpoints appear to contrast with Sam and Demis, who suggest that the expansion of Large Language Models is a road to AGI. Yann suggests that achieving something akin to AGI might require deeper exploration and design efforts.

Now, while the fears are justified to some extent, it’s also important to note that not all challenges require new legislation. Many existing laws can address concerns related to AI. For example, unauthorized access to computer systems, data theft, and fraud are already illegal under various laws such as the Computer Fraud and Abuse Act (CFAA) in the U.S., the General Data Protection Regulation (GDPR) in the EU, the Digital Millennium Copyright Act (DMCA) which tackles digital rights management and copyright issues, and the Computer Misuse Act 1990 (CMA) in the UK that criminalizes unauthorized computer access. What we need is effective enforcement and possibly some refinements, rather than entirely new legal structures.

When it comes to cybersecurity, the rise of AI has indeed enhanced the capabilities of cybercriminals. They’re using advanced AI techniques like deepfakes, AI-powered malware, and sophisticated phishing campaigns. The cybersecurity industry is booming, with projections showing it reaching $33 billion by 2028. This growth underscores the free market’s ability to respond to challenges: as threats emerge, so do solutions.

In conclusion, while AI presents new challenges, the free market, combined with our existing legal structures, can effectively navigate these waters. As AI becomes more intertwined with our daily lives, fostering a healthy collaboration between tech experts and policymakers is essential. Let’s keep our faith in the market’s ability to innovate while ensuring bad actors are kept in check.

This article is prompted by an article penned by Russell Haworth on Forbes.com and is intended to serve as a contrasting viewpoint. The original can be accessed here

For reference: Yann LeCun has a bold new vision for the future of AI