In this paper, I discuss Artificial Intelligence, which is expected to take over 40% of current work with existing technology. Describing tort & insurance law as it applies to Artificial Intelligence today, using legal dogmatism, I find that neither Danish law nor American case law have clear answers. After reviewing why and how compensation law works, I argue, using legal economics, that artificial intelligence should be strictly liable for damages and that the owner should be legally obliged to take out liability insurance. Using microeconomics and industrial economics I show that it is not Kaldor-Hicks efficient for a business to replace a person with a machine. I demonstrate the effects of Artificial intelligence on the law industry, and predict that many of the small law firms will close in a few years. I also demonstrate that price algorithms and market surveillance are serious threats to competition, and that systems that work properly, and the systemic damage they can cause, is a much bigger problem than machines that do not work properly and the occasional damage they may cause.
|Educations||MSc in Commercial Law, (Graduate Programme) Final Thesis|
|Number of pages||50|