The Economics of Value

The artificial intelligence (AI) hype seems to bring strong emotions. Some fear automation and think it is going to make everyone jobless and, by extension, poor. Others are enamored with AI and imagine all sorts of wonderful capabilities of these systems. One of the worst ideas being presented though is this myth that will not die. The idea that a system of production without consumer involvement can be designed. The new iteration is that previous systems were too complex for puny humans. But now AI will continue to develop and will manage to solve all the problems of production. This is