Algocracy
Powerful new technologies can produce great benefits, but they can often produce great harm. Artificial intelligence is no exception. People have numerous concerns about AI, including privacy, transparency, security, bias, inequality, isolation, oligopoly, and killer robots. One which perhaps gets less attention than it deserves is algocracy. Decisions about the allocation of resources are being made all the time in societies, on scales both large and small. Because markets are highly efficient systems for allocating resources in economies characterised by scarcity, capitalism has proved highly effective at raising the living standards of societies which have adopted it. Paraphrasing Churchill, it...