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<p>Artificial intelligence is widely expected to intensify and accelerate creative destruction, resulting in displaced workers, disrupted business models, and obsolete products. Does this violate individuals’ legitimate expectations? If so, it would provide a powerful argument for blocking innovation or compensating its losers. We argue it does not. This conclusion does not depend on rejecting the doctrine of legitimate expectations. Rather, we show that the distinctive features of the market process mean that expectations about markets are rarely legitimate in the first place. As a result, the doctrine of legitimate expectations cannot justify compensating the losers of creative destruction—an implication of particular importance for current debates about AI.</p>

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Legitimate expectations in the age of innovation

  • 期刊论文

  • 发表日期：

    2026年1月28日

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  • Brian Kogelmann,
  • Jeffrey Carroll

摘要

Artificial intelligence is widely expected to intensify and accelerate creative destruction, resulting in displaced workers, disrupted business models, and obsolete products. Does this violate individuals’ legitimate expectations? If so, it would provide a powerful argument for blocking innovation or compensating its losers. We argue it does not. This conclusion does not depend on rejecting the doctrine of legitimate expectations. Rather, we show that the distinctive features of the market process mean that expectations about markets are rarely legitimate in the first place. As a result, the doctrine of legitimate expectations cannot justify compensating the losers of creative destruction—an implication of particular importance for current debates about AI.