Hoover Institution (Stanford, CA) – The Hoover Institution has launched a new working group charged with assessing the opportunities and risks presented by breakthrough technologies for America’s economy, democratic governance, and national security interests.
Cochaired by George P. Shultz Senior Fellow in Economics John B. Taylor and Morris Arnold and Nona Jean Cox Senior Fellow Amy Zegart, the working group will provide rigorous research and objective analysis on how policy makers and economic stakeholders can best grapple with a host of difficult issues, including America’s ability to compete technologically with China; the protection of American citizens and companies in cyberspace; the value of privacy in an age when unimaginable amounts of data about people’s preferences and activities are collected from their use of electronic devices; and how American democracy and freedom of speech can thrive in an era when disinformation is spreading rapidly and on a large scale via popular social media platforms.
"The future of freedom and prosperity in the world requires that the United States maintain its global technological edge. However, American leaders must also recognize that social media and emerging technologies such as artificial intelligence, machine learning, and gene manipulation are placing stress on our nation's 250-year-old institutions," said Hoover Institution Director Condoleezza Rice. "This working group will seek ways of approaching issues surrounding technology, economics, and governance, from unleashing the power of innovation to adapting to the disruptions that it causes in institutions and people’s lives.”
The original research of the working group will assess the current state of innovation in America, inform workshops comprised of leaders in the public and private sectors, and support the development of policy recommendations at all levels of government.
"The working group examines key issues in technology, economics, and governance, including the role of the private sector in national security and the role of the government in fostering innovation. It's a broad set of challenges that demands working across traditional boundaries," said Zegart. “I'm excited that this Hoover group will bring together economists and political scientists, link domestic and foreign policy, and work hand in hand with private sector leaders to bring fresh eyes and fresh ideas to some of the nation's most important challenges."
Among the pressing policy dilemmas that the working group will address is the contentious debate about the monopoly power of big technology firms. Taylor and Zegart warn that heavy-handed government regulation could impede American innovation and the global goods it can create, as well as have potentially disastrous impacts on markets and prices.
“Emerging technologies can reduce poverty, raise economic growth, and treat disease. But they also create new governance challenges and pose a host of difficult questions, including new restrictions on free speech,” said Taylor. “Through the new working group, we look for practical policy solutions that alleviate the problems without losing the gains from innovation.”
The Hoover fellows assert that America’s global and technological leadership roles are intrinsically connected. In moving rapidly to strengthen America’s competitive muscles, they argue that policy makers need to adopt market-based policies at the federal, state, and local levels that promote innovation and investment in technology at home. In addition, they maintain that America should continue to foster technological research and development opportunities with allies and trade partners for the mutual benefit of their respective economies and to strengthen security cooperation against threats posed by Beijing.
The working group was introduced during a session of the spring 2021 Hoover Virtual Retreat, featuring Taylor, Zegart, CEO of JC2 Ventures John T. Chambers, and General David L. Goldfein, former US Air Force chief of staff. During the conversation, the participants explored how the United States can create an economic environment in which tech entrepreneurs can continue to thrive. They also discussed how the United States could bolster its national security by equipping its leaders with technological capabilities that would enable them to make decisions with speed, project power in multiple domains, and successfully deter aggression from adversaries. Click here to watch the session.
Click here for updates from Hoover’s Technology, Economics, and Governance Working Group.
For coverage opportunities, contact Jeffrey Marschner, 202-760-3187, jmarsch@stanford.edu.
