IEA - AI overregulation risks human progress

From: Think Tanks
Published: Fri Oct 27 2023

Matthew Lesh, Director of Public Policy and Communications at the free market think tank, the Institute of Economic Affairs, responded to the Prime Minister's speech on AI safety, where he warned that humanity could ‘lose control' of artificial super intelligence

“The Prime Minister is right to highlight the immense opportunities presented by AI to boost human wellbeing, from self-driving cars to improved medical diagnosis and personalised learning. He is also right to stress the importance of innovation and not rushing to regulate. Precautionary overregulation risks hindering progress, damaging inbound investment, and making Britain an AI backwater.

“In Greek mythology, Prometheus defied the Olympian gods by giving humanity fire, a reminder that technology has always been a force for good and evil. AI safety measures will be necessary to tackle specific problems as they arise. But fear mongering risks setting fire to a nascent industry that has the potential to help solve some of our most intractable issues.”

Notes to Editors

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The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. The IEA is a registered educational charity and independent of all political parties.

Prime Minister's speech on AI: 26 October 2023

Company: Think Tanks

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