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Does digital socialism have a future?

Summary:
No, not a good future, according to Jesús Fernández-Villaverde: Can artificial intelligence, in particular, machine learning algorithms, replace the idea of simple rules, such as first possession and voluntary exchange in free markets, as a foundation for public policy? This paper argues that the preponderance of the evidence sides with the interpretation that while artificial intelligence will help public policy along with several important aspects, simple rules will remain the fundamental guideline for the design of institutions and legal environments. “Digital socialism” might be a hipster thing to talk about in Williamsburg or Shoreditch, but is as much of a chimera as “analog socialism.” The paper is an excellent response to a growing set of claims, I would add further material on the

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No, not a good future, according to Jesús Fernández-Villaverde:

Can artificial intelligence, in particular, machine learning algorithms, replace the idea of simple rules, such as first possession and voluntary exchange in free markets, as a foundation for public policy? This paper argues that the preponderance of the evidence sides with the interpretation that while artificial intelligence will help public policy along with several important aspects, simple rules will remain the fundamental guideline for the design of institutions and legal environments. “Digital socialism” might be a hipster thing to talk about in Williamsburg or Shoreditch, but is as much of a chimera as “analog socialism.”

The paper is an excellent response to a growing set of claims, I would add further material on the work of Michael Polanyi and the importance of inarticulable knowledge.

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Tyler Cowen
Tyler Cowen is an American economist, academic, and writer. He occupies the Holbert C. Harris Chair of economics as a professor at George Mason University and is co-author, with Alex Tabarrok, of the popular economics blog Marginal Revolution. Cowen and Tabarrok have also ventured into online education by starting Marginal Revolution University. He currently writes the "Economic Scene" column for the New York Times, and he also writes for such publications as The New Republic, the Wall Street Journal, Forbes, Newsweek, and the Wilson Quarterly.

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