Institutions, Economics, and AI Dynamics | 14min snip from "Econ 102" with Noah Smith and Erik Torenberg

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Why Nations Fail, AI & Jobs, Economics as a Science

"Econ 102" with Noah Smith and Erik Torenberg

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CHAPTER

Institutions, Economics, and AI Dynamics

This chapter examines the critical influence of inclusive institutions on a country's economic success and the limitations of applying scientific methods to social issues. It contrasts historical perspectives on European colonies' prosperity, emphasizing the role of human capital and institutions while addressing critiques of these theories. Additionally, the discussion explores the evolving impact of AI on economic thought, labor markets, and the complexities of data analysis in understanding these relationships.

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This week on Econ 102, Noah Smith and Erik Torenberg tackle the shift in economic research from empirical studies to "big think" theories, critically examine Acemoglu's work on institutions and AI's impact on jobs, and debate the future of economics as a science.

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Why Nations Fail: https://en.wikipedia.org/wiki/Why_Nations_Fail

TIMESTAMPS:

(00:00) Intro

(01:14) Shift in economic theories

(07:16) Influence of economic theories on practice