Thanks for your input. Out of curiosity, have you heard/seen any of the commentary from Emad Mostaque, formerly of Stability AI? He has written a book called The Last Economy and is heading up the Intelligent Internet. It’s an interesting effort to offer a solution via AI to the upcoming economic paradigm shift as he sees it. It’s an interesting take on what is potentially coming from someone involved in creating and shaping AI. Book in link (free) https://www.thelasteconomy.com/?ref=ghost.ii.inc
Discussion
Mises proved that socialist command economies cannot remain economically stable because of mismatches between actual needs and the dictates of the bureaucracy.
Hayek pointed to the information problem, which is that the information and decisionmaking of a central command economy can never acquire enough information, in order to fit production to actual needs.
i don't think that more networks and more data makes any difference. because outside of the essential conflict between a ruling class of decisionmakers and a massive population of those who would be subject to it, has to do with ideological differences. so, on top of the lack economic calculation, the lac kof sufficient information to do it, there is the problem that a central lever of power is going to be coopted, if not fraudulently established, by someone whose preferences exclude a large swathe of the population, thus creating inherent geopolitical instability on top of the first two problems.
there is no "new economic paradigm" this is always just a revamp of the propaganda campaign from global communists and third-way socialist democrats, to persuade people to accept becoming non-deciding slaves.
between these three factors, any proposals that use the architecture of central command cannot do anything but fail, once the donors in the actual mostly free markets stop propping up the inevitable failures of their command economies. viz soviet union. bulgaria, romania, belarus, latvia.
and now, the EU is trying to do this, as well, and the USA is going for the right wing version of socialism, with the sweet deals between people like thiel, musk, altman, and the rest of them, to institute that surveillance system that they think will solve the information problem.
it's not going to work. the age of socialism is coming to an end, whether you like it or not. there has in fact been a 150 years or so long project to try and institute global socialism, and over 150 million people have been slaughtered to do this. and probably way more than that in the soft war like we saw with 9-11 and covid.
I agree that the Austrians have a lens on the world which is very helpful, especially as an alternative to socialism
So do you think that the legacy thinking of the Austrians will trump/overcome any economic disruption caused by AGI & ASI?
Yes I absolutely do
Human action is relevant regardless of the technology (tools) available
Ah! Ok! Interesting. My research to date is leading me to the conclusion that there will be a transition to “Post Labor Economics” system which is yet to be defined. I am not seeing any convincing arguments from the Austrian economic camp that logically confronts the unknowns of both AGI & ASI. Human action has been consistent through history as we know it but is not clear to me how it shapes economics through a technological singularity event. Interesting times! 😄
Time will tell!
the idea that everyone can have everything they want because there is smart robots is ridiculous
that doesn't solve the food production problem... how do you make sure you grow enough?
still basics. the kurzweil singularity nonsense is obvious nonsense if you just think about it.
what you don't understand is that the AGI robot overlords take over nonsense is that no robot does things of its own accord. someone has to set its prime directive.
a robot has no needs, therefore it cannot be a market participant because it does not feel pain and has no motivation to act.
even if you artificially add pain to its experience, it's not going to make it the same as a human.
what makes us human, and need markets, is pain.
go fucking read Human Action and come back to me. in the meantime i don't have time for going over well worn bullshit from socialists who literally think that it's robbery to charge a price.
Interesting thoughts! Not sure how to interpret the emotion behind your response but it comes across as frustrated and or annoyed. There are definitely narratives being pushed by the doomers, the “nothing really changes” crowd and the utopians. I am not qualified enough to make a call on which of those future play out, but so far, as mentioned earlier, I am planning my life around a change in the way economics gets done. All of my thought experiments point to fundamental change. 🤷♂️ Thanks for your input, it’s good to have discussions like this, even though they can be quite difficult in this format. Out of curiosity, do you mind sharing what country you are based in and your age? I am 59 and I live in New Zealand. 😀
I’ve not read about this no
Let me take a look and thanks for sharing
I am currently reading it. If you do read it I would love to chat to you about any thoughts you have regarding Mostaque’s opinions and efforts.
nostr:nprofile1qqsfkve5keksgptzzvvrkt3k03kha0rqf9hs5hc79w80l739hksfh8spzemhxue69uhhyetvv9ujuuen0qh8xmmrd9skcqgkwaehxw309aex2mrp0yh8qunfd4skctnwv46q4pckzr I did a quick grok analysis
https://grok.com/share/c2hhcmQtMw_8b5c5a80-de8e-449b-9e7d-1b663d703076
Very interesting, as I am always open to learning new things
Initial reaction is that this is why I value the Austrian School of Economics study that I’ve done, as a foundation for understanding all economics
It’s very practical, and focuses on the individual
Yes AI is a big technology shift, yes it will create benefits and dis-benefits, but in the Austrian lens we all act according to our “self-interest”, of which factors like scarcity are actually crucial drivers to human action
So the idea of AI to write policy, or AI to create some kind of abundant future without economic action, is not the way to look at it
Rather, what does AI enable the individual to do. What can they now create? How is there life better?
Again, to look to the Austrian School, they promote the idea of free markets, so more regulation is not the aim, but rather the opposite, get government small, out of the way, and allow people to crack on (human action actually complements each other via specialised trade)
Have you done much Austrian Econ research? I’ve done lots of reading around it, but some contemporary and good reads where Knut Svanholm “Praxaeology” and Saifedean “Pronciples of Econ”
🙏🏻