Algorithms and Monopoly

“When a distinguished but elderly scientist states that something is possible, he is almost certainly right. When he states that something is impossible, he is very probably wrong” ............Arthur C. Clarke

With digital natives. digital is just not an accessory; it is the fabric of everyday life, and a “computer” is where life pulsate. The internet a playground, the smartphone a trusted friend and social media the town square. The unique understanding of these preferences becomes a dynamic entrepreneurial insight for emerging technology.

Funny memes, shocking news, and images all provide social platforms with unprecedented access to society. The platform influences and determines who sees what when and where. 

Chinese-owned companies are often in service to the Chinese Communist Party, while US-owned companies are in service to business goals. They both have unchecked surveillance power; they are both reshaping societies extracting data to serve content and develop products.

Key Considerations and Challenges

Algorithmic Opacity: The complexity and proprietary nature of algorithms can make it challenging for regulators to understand how decisions are made, assess their fairness, and ensure compliance with regulations.

Accountability: Ensuring that companies are held accountable for the outcomes of algorithmic decisions, particularly when these decisions affect competition and consumer welfare.

Bias and Discrimination: Algorithms can inadvertently perpetuate biases present in training data, leading to unfair treatment of certain groups of consumers.

Consumer Privacy: The extensive use of data by algorithms raises concerns about consumer privacy and the potential for misuse of personal information.

Rapid Innovation: The fast pace of technological innovation can outstrip the ability of regulatory frameworks to keep up, making it challenging to effectively oversee and regulate the use of algorithms.

Global Considerations: The global nature of many dominant firms, especially in technology, complicates the enforcement of antitrust laws, as different jurisdictions may have varying regulations and enforcement capabilities.

 A good question to ask now is when do I accept big data and algorithms to make decisions? 

 - To automatically control my thermostat 

 - To drive my car 

 - To optimize the traffic lights in the city. 

OR

 - To set tax rates, 

 - To set corporate regulations 

 - To set foreign policy. 

OR  

 - To declare war -- right now. 

Every individual, company and government can define their own limits. 

For now I prefer algorithms under my control that works on my behalf and not controlled by a large corporate monopoly. 

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