Mariana Mazzucato and Fausto Gernone at Project Syndicate:
To be sure, AI models are evolving rapidly. When EU regulators released the first draft of the AI Act in April 2021, they hailed it as “future-proof,” only to be left scrambling to update the text in response to the release of ChatGPT a year and a half later. But regulatory efforts are not in vain. For example, the law’s ban on AI in biometric policing will likely remain pertinent, regardless of advances in the technology. Moreover, the risk frameworks contained in the AI Act will help policymakers guard against some of the technology’s most dangerous uses. While AI will develop faster than policy, the law’s fundamental principles will not need to change – though more flexible regulatory tools will be needed to tweak and update rules.
But thinking of the state as only a regulator misses the larger point. Innovation is not just some serendipitous market phenomenon. It has a direction that depends on the conditions in which it emerges, and public policymakers can influence these conditions.
More here.