Articles

Are big data and artificial intelligence throwing down a new regulatory gauntlet?

Since Adam and Eve first exchanged their innocence for an apple (or whatever creation myth performs the same role in other traditions), the distribution of the gains of trade have hinged on the distribution of information (or lack of it) relevant to the transaction.

The serpent knew things about the apple that Adam and Eve didn’t and things about them that made them better targets (delivered him higher surplus) than the alternatives. So Adam and Eve paid too high a price for it (gained less than the price paid), and consumer welfare in paradise was reduced — with the long-term consequences being borne by all their heirs and successors.

Source: aei.org
Author: Bronwyn Howell

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