In the latest episode of the IEA podcast, Matthew Lesh, Director of Public Policy and Communications at the IEA, is joined by Carlo Cordasco, Lecturer at the Alliance Manchester Business School, to delve into the intricate world of artificial intelligence (AI) decision-making. This week's tantalising question: Should AI be more transparent?
Together, they dissect how businesses and governments are increasingly turning to AI across various domains, such as healthcare, criminal justice, and finance, to aid decision-making processes. However, the opacity surrounding AI algorithms poses significant challenges in understanding the rationale behind decisions, thus raising concerns about trust and accountability.
Their discussion centres on the recent landmark development in AI regulation: the European Union Parliament's passing of the World's first AI Act. This legislation aims to mitigate specified risks associated with AI while mandating transparency in decision-making processes. Lesh and Cordasco debate the potential implications of excessive regulation on AI performance and innovation, questioning the delicate balance between regulatory control and technological advancement. They explore the need for transparency, especially in public sector decision-making, where the stakes are high and systemic errors could have profound societal impacts.
Moreover, they examine the nuanced implications of mandating explainability in AI decision-making across different sectors. While transparency can enhance trust and accountability, it may also impose significant regulatory costs and hinder innovation. The conversation delves into the complexities of finding the right balance between regulating AI to ensure accountability and allowing flexibility for innovation to flourish. Join Lesh and Cordasco as they navigate the intricate intersection of AI technology and public policy, offering insights into the future trajectory of AI regulation and its impact on society.
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