The notion that AI can take over an economy is fantasy. A market economy is not made up of competing algorithms but rather sets of prices that lead to discovery.
For more than a century, economists have tried to reduce economics to a series of mathematical equations and statistical analysis. They have failed miserably, but that doesn’t stop them from continuing down the same mistaken path.
While the Fed continues its “two percent” charade, the central bank has been inflating the US economy into ruin. The latest Fed capers will not end well.
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.
