[00:00:00] Permissionless innovation allows for new technology development without regulatory approval, promoting faster growth but potentially leading to unforeseen consequences. Legal considerations for AI, Big Data, and blockchain should balance minimizing regulations to promote innovation with ensuring appropriate use. [00:02:19] Recommends reading Theirer's arguments on precautionary principle vs permissionless innovation in emerging technologies, including IoT, AI, big data, blockchain. Precautionary principle means holding back until proven safe, while permissionless innovation allows experimentation unless potential harm is compellingly demonstrated. [00:03:52] Legal landscape varies by country, with socialist or communist countries favoring precautionary laws to protect people and values, while Western democratic countries favor permissionless innovation and business growth, with regulation developed if policies are not working. (Risking over simplification) [00:06:12] Discusses the ideological differences between left-wing and right-wing perspectives on government involvement in regulating innovation and protecting individuals, and suggests that you should determine your own values in order to understand and engage in these debates. [00:08:30] Theirer argues against a precautionary mindset in public policy, stating that it inhibits innovation and growth. He also believes that mistakes and occasional failures are necessary for wisdom and growth, and not all ethical or best practice principles make wise policies. [00:09:50] Solutions to social problems should be organic and bottom-up, reasons that Theirer argues that the permissionless innovation approach is better than precautionary principle, burden of proof should be on those in favor of controls. [00:11:12] Discusses the concept of burden of proof. Theirer suggests that the burden of proof should be on those proposing regulations and permissionless innovation should be the default policy. [00:15:31] Finding and understanding law online has been made easier with AI advancements and policy changes, compared to early limitations on the use of ARPAnet. [00:17:10] Theirer argues policymakers can't influence cultural attitudes for entrepreneurship. Growth-oriented innovation policy requires tolerance towards the unfamiliar. Further he argues that the intention behind the development of a technology isn't relevant for its use, limiting regulation may hinder its potential. Read the IoT case study on page 18 of chapter one. [00:18:45] Cath's view? Policymakers should encourage IoT growth for faster technological revolution, despite potential negative impacts, and discuss regulation in future videos.