AI Godfather Doesn’t Understand Basic Economics

a good example of how expertise in one domain does not translate to expertise in another.

when discussing technical subjects, certain phrases reveal that the other person is fundamentally confused and not really worth engaging with. for example, in bitcoin land such a phrase might be "intrinsic value", "blockchain technology" or "yield".

i think "ubi" is one of those trigger words for me when it comes to economics. it conveys an almost childlike naivete of how money and incentives work.

70 sats \ 0 replies \ @Undisciplined 19 May

I think UBI is very interesting from an economic analysis standpoint, but saying it will be necessary is nonsense on stilts.

If he had said "AI might make a UBI feasible.", then I'd have a different reaction.

129 sats \ 7 replies \ @jgbtc 19 May

It's so stupid. If that worked we could have done it at any time. Mundane jobs have always existed, and technologic innovations always make them obsolete, and make a whole new generation of mundane jobs. This is basically the whole story of human civilization.

21 sats \ 3 replies \ @gmd 19 May

Happening a lot faster now over a much shorter time scale. Most new jobs created will also very quickly be better done by AI. Intelligence is being commoditized rapidly and the value of the human brainpower will rapidly deflate.

54 sats \ 2 replies \ @jgbtc 19 May

What matters is if it will work or not. Money is needed because of scarcity. Whatever AI makes abundant will be freely available. No money needed. Whatever is still scarce, because AI can't pronounce it, will be so valuable that no one will voluntarily trade it for something the government just hands out for free. In the absence of voluntary trade, forced redistribution will be used. No money needed.

33 sats \ 1 reply \ @Undisciplined 19 May

In the absence of voluntary trade, forced redistribution will be used. No money needed.

I'm not arguing that this won't happen, but I have yet to see a coherent argument for how forced redistribution is ever more economically efficient than market forces.

The flip side of your argument is that anything a person can do better than AI will fetch an enormous wage in terms of purchasing power.

75 sats \ 0 replies \ @jgbtc 19 May

I agree with both points. Forced redistribution is always a complete disaster, which is why UBI won't work. It's forced redistribution in disguise. But the use of money in that situation is a quaint bit of theater to make people think everything is normal. To your second point, the purchasing power will be far too enormous for any UBI trash they hand out.