Regulating transformative technologies Daron Acemoglu and Todd Lensman
By: Acemoglu, Daron
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Contributor(s): Lensman, Todd.
Material type: 
ArticleSubject(s): IMPUESTO SOBRE EL VALOR AÑADIDO | DESARROLLO TECNOLOGICO | INTELIGENCIA ARTIFICIAL | PRODUCTIVIDAD
In:
The American Economic Review v. 6, n. 3, September 2024, p. 359-376.Summary: Transformative technologies like generative AI promise to accelerate productivity growth across many sectors, but they also present new risks from potential misuse. We develop a multisector technology adoption model to study the optimal regulation of transformative technologies when society can learn about these risks over time. Socially optimal adoption is gradual and typically convex. If social damages are large and proportional to the new technology's productivity, a higher growth rate paradoxically leads to slower optimal adoption. Equilibrium adoption is inefficient when firms do not internalize all social damages, and sector-independent regulation is helpful but generally not sufficient to restore optimality.
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| OP 2145/2024/2 The American Economic Review | OP 2145/2024/2-1 Disentangling rent index differences | OP 2145/2024/3 The American Economic Review | OP 2145/2024/3-1 Regulating transformative technologies | OP 2145/2024/3-2 Central Bank credibility and fiscal responsibility | OP 2145/2024/3-3 Dynamic spending responses to wealth shocks | OP 2145/2024/4 The American Economic Review |
Bibliografía.
Transformative technologies like generative AI promise to accelerate productivity growth across many sectors, but they also present new risks from potential misuse. We develop a multisector technology adoption model to study the optimal regulation of transformative technologies when society can learn about these risks over time. Socially optimal adoption is gradual and typically convex. If social damages are large and proportional to the new technology's productivity, a higher growth rate paradoxically leads to slower optimal adoption. Equilibrium adoption is inefficient when firms do not internalize all social damages, and sector-independent regulation is helpful but generally not sufficient to restore optimality.
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