Regulators must be wary of AI’s ‘invisible hand’ – BoE official

Two members of the financial policy committee back idea of AI “constitution”

Bank of England

Regulators must be cautious in responding to the lack of clarity around how artificial intelligence achieves breakthroughs, a Bank of England official said today (May 21).

Randall Kroszner, an external member of the BoE’s financial policy committee, compared technological advances to the “invisible hand” of the market, an idea proposed by economist Adam Smith. Kroszner suggested that just as markets are able to innovate to meet demand without the underlying processes being clear, technology also

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