Regulation and Technological Change

Allen, Darcy WE and Berg, C (eds), Australia's Red Tape Crisis, Connor Court Publishing, Australia, Forthcoming

13 Pages Posted: 20 Mar 2018  

Darcy Allen

RMIT University

Chris Berg

RMIT University - School of Economics, Finance and Marketing

Date Written: March 14, 2018

Abstract

This chapter explores the relationship between technological change and regulation in both directions. New technologies such as artificial intelligence, machine learning, and distributed ledgers are likely to drive structural changes in decades to come, not least in the way firms comply with regulation and how regulators enforce regulation. Regulatory technology, or ‘RegTech’, presents opportunities to reduce the regulatory burden on firms and make regulation more efficient and less harmful. On the other side, regulators need to come to terms with new technologies that may challenge existing business models or regulatory constructs, and we propose policymakers adopt a ‘permissionless innovation’ principle in response, ultimately allowing experimentation with new technologies by default unless direct harms can be demonstrated.

Keywords: Regulation, Technological Change, RegTech, Innovation Economics, New Institutional Economics

Suggested Citation

Allen, Darcy and Berg, Chris, Regulation and Technological Change (March 14, 2018). Allen, Darcy WE and Berg, C (eds), Australia's Red Tape Crisis, Connor Court Publishing, Australia, Forthcoming. Available at SSRN: https://ssrn.com/abstract=3140921

Darcy Allen (Contact Author)

RMIT University ( email )

124 La Trobe Street
Melbourne, 3000
Australia

Chris Berg

RMIT University - School of Economics, Finance and Marketing ( email )

Level 12, 239 Bourke Street
Melbourne, Victoria 3000
Australia

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