We are witnessing one of the most significant technological transformations of our time. The emergence of artificial intelligence (AI), blockchain technologies, and large language models (LLMs) like ChatGPT represents a profound disruption that is reshaping entire industries and ushering in a new era of governance challenges. Automated decision-making systems are now integral to various facets of our lives—from financial services to healthcare—and their rapid advancement raises pressing questions about regulation, technological biases, and the delicate balance between innovation and protection.
How do we strike the right balance between safeguarding against potential harm and allowing technological innovation to flourish? This question is at the heart of ongoing debates among scholars, policymakers, and industry leaders. The study of AI’s impact on governance is still in its infancy, and experts are only beginning to explore the complexities and opportunities these innovations present.
One such scholar at the forefront of this exploration is Eric C. Alston. With an extensive academic background in economics, law, and political economy, Alston has been diligently examining the intersection of ethics, governance, and emerging technologies.
He holds an MA in economics from the University of Maryland and a JD from the University of Chicago, and he now serves as a scholar in residence in finance at the University of Colorado Boulder and the faculty director of the Hernando de Soto Capital Markets Program in the Leeds School of Business.
“We’re always on some kind of new frontier. We need to dynamically adjust our rules with positive predictability in every cycle. We are always in need to update some measure of our rules to accommodate these new realities.”
Eric C. Alston
Throughout his academic journey, Alston has engaged with the Institute for Humane Studies in various capacities, contributing his expertise as a guest scholar, mentor, and panelist. Alston’s work on blockchain governance, institutional design, and economics embodies a classical liberal approach emphasizing the importance of individual freedom and ethical considerations in the development and application of new technologies. His insights are particularly valuable as we grapple with the ethical dilemmas posed by AI and other disruptive technologies.
“We’re always on some kind of new frontier; we need to dynamically adjust our rules with positive predictability in every cycle,” Alston said. “We are always in need to update some measure of our rules to accommodate these new realities.” He believes that we need agile and adaptive governance frameworks to keep pace with technological advancements while safeguarding fundamental ethical principles.
In 2017, Dr. Alston attended a conference called “Bitcoin on the Moon,” where he saw an opportunity for unique discourse on this new frontier of emerging technologies. While “Bitcoin on the Moon” was not a traditional academic conference, Alston recognized the potential for expanding his knowledge in a subject matter that was rapidly evolving and was awarded an Expense Support grant from IHS to attend.
“Reliable, industry-level information is challenging to obtain as a third-party observer,” Alston explains. “IHS was generous enough to fund my attendance.” Through the Expense Support grant, he was able to establish connections with scholars and industry leaders attending the conference, opening the door not only to advancing his research on blockchain and governance but also to presenting his research.
Alston’s approach explores an understanding of the role of ethics and values in AI governance, and how it is crucial to ensuring that AI is used for good liberal-based tendencies. “There are genuine governance dilemmas that AI poses, and we need to address the fundamental question of who should be responsible for governing AI,” Alston says. “The study of AI in the context of law and economics can help address the governance dilemmas posed by it.”
Alston believes interdisciplinary training across these fields can provide valuable insights into these governance dilemmas and allow for collaborative problem-solving, providing valuable solutions to address its challenges as the tech evolves.
“There are genuine governance dilemmas that AI poses, and we need to address the fundamental question of who should be responsible for governing AI. The study of AI in the context of law and economics can help address the governance dilemmas posed by it.”
Eric C. Alston
More recently, Alston attended an IHS Research Discussion with fellow tech scholar Maria Minniti, where they shared insights about the governance of emerging technologies. Together they met with rising scholars in the field to discuss freedom-oriented solutions surrounding AI and foster new, collaborative research opportunities.
Through these types of scholarly connections, Alston’s research continues to provide valuable, classically liberal insights into AI, digital governance, and the need for interdisciplinary approaches in addressing them. “It’s important to recognize the disruptive potential of these kinds of technologies and to be positioned to respond to those disruptions in an effective way,” Alston says.
It’s through research like Alston’s and other scholars in this emerging field that we can gain a better understanding of AI governance and its potential impact on both the economy and our society at large.
Support for the Institute for Humane Studies plays a pivotal role in investing in scholars like Dr. Eric Alston, and helps to foster a community where intellectual exploration thrives. To learn more about IHS scholars, programs, and opportunities, visit TheIHS.org.
