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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Machine Learning and the Economic Calculus Problem
The market process itself is a discovery process and it's revealing preferences as well as I would say productive capacity. We don't know from one hour to the next what we want to do, right? And then our preferences may change and that's revealed to the market places through prices, through transactions. It's hard to know all of the individual preferences out there and you need some kind of system that can incentivize the revelation of them.
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