Algorithms, as defined by Merriam-Webster,, are procedures for solving mathematical problems in a systematic and finite number of steps. These sophisticated mechanisms have integrated themselves into various sectors of the modern digital economy, including the car rental industry, hotels, property managers, and even governmental entities responsible for toll roads. By leveraging historical data, service providers are afforded enhanced comprehension of market pricing within their specific industries.
Estimations foresee the comprehensive economic benefits of generative AI to be immense. Widespread deployment of AI-powered tools are projected to potentially elevate the global gross domestic product (GDP) by nearly $7 trillion and boost productivity growth by a full 1.5% over the forthcoming 10 years.
With such substantial economic prospects at stake, it is disconcerting that the Department of Justice (DOJ), the Federal Trade Commission (FTC), and a smattering of Congressional members seem poised to regulate algorithms out of the economy on the grounds of antitrust. Ediberto Roman, a professor of law at Florida International University, asserted in a recent article on Law.com that the DOJ and FTC’s suit against RealPage is unjustified by antitrust jurisprudence, with $7 trillion in economic growth hanging in the balance.