A Comprehensive Review of Artificial Intelligence Regulation: Weighing Ethical Principles and Innovation

Abstract

We present a comprehensive review of Artificial Intelligence (AI) regulation, addressing the challenges and needs associated with governing rapidly evolving AI technologies. We begin by exploring the definition of AI, its various applications, the risks associated with AI algorithms, and possible approaches to address them. We also examine the societal impacts of AI and propose governance approaches to manage these effects, alongside a discussion on the regulation of technology. This foundation sets the stage for a detailed discussion on AI regulation across several dimensions, including the scope of regulation, principles of ethical AI, good practices for AI development, specific strategies for regulating AI, the pace of regulation, institutional competence to regulate AI, and the challenges related to AI regulation. We conclude by offering insights to help regulators and society find the most balanced approach to AI regulation, and by proposing key questions that should be considered during the development of AI regulations. Our presentation explores the multifaceted nature of AI regulation, emphasizing the importance of integrating insights from computer science, law, and economics to develop robust regulatory frameworks.

Keywords: Artificial Intelligence, Ethical Principles, Innovation, Machine Learning, Regulation, Risks