Artificial Intelligence Needs Private Markets for Regulation--Here's Why

A regulatory market approach would enable the dynamism needed for AI to flourish in a way consistent with safety and public trust. It seems the White House wants to ramp up America's artificial intelligence (AI) dominance. Earlier this month, the U.S. Office of Management and Budget released its "Guidance for Regulation of Artificial Intelligence Applications," for federal agencies to oversee AI's development in a way that protects innovation without making the public wary. The noble aims of these principles respond to the need for a coherent American vision for AI development--complete with transparency, public participation and interagency coordination. But the government is missing something key.