Didenko & Buckley on Central Bank Digital Currencies in the Pacific Island Countries

Anton N. Didenko (University of New South Wales – Faculty of Law) and Ross P. Buckley (same) have posted “Central Bank Digital Currencies as a Potential Response to Some Particularly Pacific Problems” (Asia Pacific Law Review) on SSRN. Here is the abstract:

Despite years of effort, financial inclusion persists as a major challenge in the Pacific Island Countries (PICs), with many in the region still lacking access to financial services. This article argues that central bank digital currencies (CBDCs) offer a potentially highly efficacious solution to (i) the financial inclusion challenges of the PICs and (ii) the problem of high remittance costs that currently serve as a tax on the earnings of Pacific Islanders abroad. We identify the key challenges that may inhibit the rollout of CBDCs in PICs but argue that in time such a rollout is nonetheless highly likely – since the key drivers of CBDC development in the region are likely to be external to PICs themselves. While their potential is very significant, we conclude that now is not the time to issue a CBDC in the region, but it is the time to begin laying the groundwork for this innovation by developing the expertise required within the region’s central banks.

Bet, Blair & Donna on The Economic Rationale of United States v. Google

Germán Bet (University of Florida), Roger D. Blair (same), and Javier D. Donna (same) have posted “The Economic Rationale of United States v. Google” on SSRN. Here is the abstract:

In 2020, the Department of Justice (DOJ) filed an antitrust suit against Google alleging that Google has unlawfully monopolized the markets for general search services, search advertising, and general search text advertising. The complaint raises questions involving market definition, monopoly power, and monopolizing conduct. In this article, we examine these issues through the lens of microeconomic principles. Our analysis finds that there is a sound economic rationale for the DOJ’s complaint.

Cyphert on GPT-3 and the Practice of Law

Amy Cyphert (West Virginia University – College of Law) has posted “A Human Being Wrote This Law Review Article: GPT-3 and the Practice of Law” (UC Davis Law Review, Volume 55, Issue 1) on SSRN. Here is the abstract:

Artificial intelligence tools can now “write” in such a sophisticated manner that they fool people into believing that a human wrote the text. None are better at writing than GPT-3, released in 2020 for beta testing and coming to commercial markets in 2021. GPT-3 was trained on a massive dataset that included scrapes of language from sources ranging from the NYTimes to Reddit boards. And so, it comes as no surprise that researchers have already documented incidences of bias where GPT-3 spews toxic language. But because GPT-3 is so good at “writing,” and can be easily trained to write in a specific voice — from classic Shakespeare to Taylor Swift — it is poised for wide adoption in the field of law.

This Article explores the ethical considerations that will follow from GPT-3’s introduction into lawyers’ practices. GPT-3 is new, but the use of AI in the field of law is not. AI has already thoroughly suffused the practice of law. GPT-3 is likely to take hold as well, generating some early excitement that it and other AI tools could help close the access to justice gap. That excitement should nevertheless be tempered with a realistic assessment of GPT-3’s tendency to produce biased outputs.

As amended, the Model Rules of Professional Conduct acknowledge the impact of technology on the profession and provide some guard rails for its use by lawyers. This Article is the first to apply the current guidance to GPT-3, concluding that it is inadequate. I examine three specific Model Rules — Rule 1.1 (Competence), Rule 5.3 (Supervision of Nonlawyer Assistance), and Rule 8.4(g) (Bias) — and propose amendments that focus lawyers on their duties and require them to regularly educate themselves about pros and cons of using AI to ensure the ethical use of this emerging technology.