1. infotech in a global economy 39
Question 1:Technology is ever-evolving, there has been a constant introduction of new
technology into the market for quite a while now. Somewhere someone discovers
something new that is better than the existing technology so there comes the need for
change or upgrade to that new technology because that new technology does a better job
than the existing technology. All this new technology that is being brought into the market is
sometimes good for the well being of the people and sometimes it is not. There needs to be
someone on the top of these new technologies to regulate and control if the technology is
doing more harm than being beneficial. So, the new technology needs regulations and rules
to be within bounds and produce maximum benefits. Regulations also control the cost of the
new technology and make it more affordable to everyone. Without regulations, the
technology can be priced at any level based on the demand. Regulations also control the
growth of these new technologies and control the harm or loss of jobs and unemployment
that is because of the introduction of this new technology.I am going to talk about
blockchain and cryptocurrency as an example of new technology. There has been massive
popularity of this cryptocurrency among all the youth and investors and digital currency
have become a craze. This violent growth of cryptocurrency has affected the financial
system of several countries and the stock markets have seen massive losses when this
cryptocurrency came into the market (Hughes, 2017). Because of the lack of proper
regulations on this cryptocurrency, several countries have faced financial losses. There
should be a regulatory body to control cryptocurrencies. This proves that new technologies
should have regulations to control the growth of that new technology and produce
maximum gains from it.References:Hughes, S. (2017). Cryptocurrency Regulations and
Enforcement in the U.S. Western State Law Review, 45(1), 1-28.Question 2:PART ONE:I
think regulations are needed because:1. To improve the economic efficiency this provides
information asymmetries and helps in minimizing the cost. While working on a new
technology the cost necessary and involved could be unpredictable, so it’s important to
identify economic policies.2. Regulations and policies provide independence, transparency,
privacy, predictability, legitimacy, and credibility for the entire system. These rules impact
the advancement of technologies and help prior to planning for the study and research
regarding the technologies.3. The responsibility of regulations and governance is global; any
technology should be flexible enough to accommodate the differences across the countries
with the legal systems and cultural values. Werlin (2003), claims that the difference
between the rich and poor countries has to do with the governance rather than
2. resources.There can always be more valid reasons based on the particular technology and
the field it belongs to. But I think, these three reasons should be accumulated and
considered with every new emerging technology.PART TWO:The technology I’m leaning
towards is AI, hence AI has numerable amount of threats (such as AI systems should be
monitored or cannot be trusted entirely) which are indisputably real, regulations are
necessary and inevitable. AI is still an emerging technology and many people have different
opinions and ideas on this topic, so regulations are needed to address and satisfy all the
people. Even though AI has established its impact until now, it still needs a few more years
to advance and prove in all the possible ways. While formulating the regulations and
policies for AI, it helps in sighting the future developments, academic progress,
understanding the economic, social and political impacts of AI better.Articles:Wang, W., &
Siau, K. (2018). Artificial Intelligence: A Study on Governance, Policies, and Regulations. In
Thirteenth Annual Midwest Association for Information Systems Conference
(MWAIS).Wright, S. A., & Schultz, A. E. (2018). The rising tide of artificial intelligence and
business automation: Developing an ethical framework. Business Horizons, 61(6), 823-832.
