Sharing article of Simon Baptist From Our Chief Economist
Simon has been thinking about trends in technology that might be important in 2019.
One theme that he believes we will be hearing more about is responsible innovation.
He has an impression, which he thinks is shared by many, that tech developments are running far ahead of public understanding, as well as of government policy and regulation. As a result, there is a real chance that technologies will advance faster than society's ability to adopt them, and this could have disastrous consequences if the tech is misused. For example, automated drones could be used in terror attacks, or private health or location data could be collected and used before individuals have the chance to consent or understand the implications. (In fact, we don't even have to imagine the latter example!)
Those who develop technology need to display greater ethical awareness than they have done to date, and pressure from the public as well as governments to do so will grow.
Tech companies have great power, and many people are questioning whether individual tech firms are the best guardians of this power.
For governments, there is a complex question of how to regulate them, while preserving incentives for innovation and the huge benefits that tech brings. In an era of nationalist politics, the crossborder nature of innovation and tech makes this even harder.
For business, it means thinking about how to get ahead of any regulations and engaging with society and governments to advocate for effective policy.
Do you agree with Simon that this trend will be important in 2019?
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