Stifling artificial intelligence: Human perils

Although scientists have calculated the significant positive welfare effects of Artificial Intelligence (AI), fear mongering continues to hinder AI development. If regulations in this sector stifle our active imagination, we risk wasting the true potential of AIs dynamic efficiencies. Not only would Schumpeter dislike us for spoiling creative destruction, but the AI thinkers of the future would also rightfully see our efforts as the 'dark age' of human advancement. This article provides a brief philosophical introduction to artificial intelligence; categorizes artificial intelligence to shed light on what we have and know now and what we might expect from the prospective developments; reflects thoughts of worldwide famous thinkers to broaden our horizons; provides information on the attempts to regulate artificial intelligence from a legal perspective; and discusses how the legal approach needs to be to ensure the balance between artificial intelligence development and human control over them, and to ensure friendly artificial intelligence.