“First, there are issues of scale: small-scale explorations by lead users are relatively harmless until they are scaled up to become the dependence of mass consumers. Innovations may grow so popular that their production and consumption affect the stability of ecosystems and democracies, such as plastic waste choking our oceans, or Facebook becoming an increasing threat to the stability of democracies around the world.
Second, there are end-of-product-life considerations that are not properly taken into account, such as dismantling a nuclear energy facility or the recycling of electronic waste.
Third, the harm from innovation may come not from regular use, but from unanticipated consequences, as shown in the Chernobyl disaster.
Fourth, innovation may be undertaken to deceive consumers and regulators about the nature of a product. The classic example from recent history would be Volkswagen’s intentional programming of its diesel engines to give misleading measurements of NOx emissions during regulatory testing. We might also mention here the case of complex financial market innovations designed to trick unsophisticated investors.
A fifth dimension relates to the social injustice whereby those who gain from an innovation differ from those who lose. A recent Oxfam report estimates that the richest 1% of the world’s population is responsible for more than twice the carbon pollution of the poorest half of humanity during a critical 25-year period of emissions growth.
Taking into account the downsides of technological innovation as well as the advantages leads us to think about the tradeoffs involved. The ‘precautionary principle’ suggests that regulators should not wait until an absolute scientific or societal consensus is achieved before taking regulatory action against dubious products and processes.”-Alex Coad, “Innovation is harming us in ways we have yet to understand.” Pando. October 5, 2020.