#37 – Gillian Hadfield on Regulatory Markets, Silly Rules, and why Humans Invented Law
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The Concept of a Regulating Market
A regulatory market is a competition between the providers of regulatory services to solve an optimization problem. The government sets out goals that private regulators need to hit in order to be awarded licenses, and then these private regulators can set out whatever regulation they want. And there's clearly some upsite here that this can cause a big incentive for innovation. It can bring in a lot new talent, bringing in a lot more money to try and experiment with these things. But it also just makes the job on the government a bit easier, where it can just focus on outcomes and objectives, rather than getting tied down on the specifics of machine learning or artificial intelligence.
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