What is it about?
Nowadays, we are hearing a lot about the horrible negative impacts of AI on our lives. It is envisaged that in the near future, AI will conquer our social interactions, markets, and transactions with preplanned algorithms, while a legal system ought to be prepared for this. However, zealous proponents of the free market believe that AI is an innovative way of consumers' satisfaction; therefore, they are fed up with government annoying interference in every aspect of individuals' lives.
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Why is it important?
This article has highlighted the importance of Artificial Intelligence in future innovations in the market and the necessity of keeping the market free to unlock a new realm for entrepreneurs. However, it is mentioned that AI can lead to cartelizing the economy and putting new barriers to restrict competition. In this case, the article reviews the actions of governments and finds that the government’s role is crucial on this matter.
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This page is a summary of: Reliability of Regulating Artificial Intelligence to Restrain Cartelization: A Libertarian Approach, Asian Journal of Law and Economics, April 2021, De Gruyter,
DOI: 10.1515/ajle-2021-0012.
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