Jesus Fernandez-Villaverde on Demographic Trends, Recent Macroeconomic Developments, and AI’s Implications for Economic Growth
Macro Musings with David Beckworth
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Why AI Does Not Solve the Knowledge Problem
The idea of the knowledge problem, it has been proposed by different economists. It goes back to the all socialist calculation debate, Ludwig von Mises and F.A. Haggic. Machine learning doesn't get around this problem because machine learning is about solving the optimization problem once you have all the data. But it's never about getting the data. Or for instance, another very important aspect of theknowledge problem is the so-called tacit knowledge problem. A lot of what we know is impossible to verbalize. Let me give you an anecdote. My mom likes cloths. She really liked this European lady. And my wife could never understand when my mom said, oh, that's
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