Idiocy, cont.
There are arguments to be made against “AI” (artificial intelligence). They are not true economic arguments, however. According to one of several rare intelligent economists (Mario Loyola by name), the great chain of being runs in this way: 1. technology increases the productivity of labour; 2. which increases the amount of investment and wages; 3. which increases demand; 4. which increases employment. This has borne fruit repeatedly in actual statistics, where statisticians are allowed to collect them. But hardly anyone believes it, unless of course they are using their brains.
Most people believe, rather, in what is plausible; for instance, socialism.
What is plausible is normally wrong. Socialism, for instance, never works, and leads invariably to disaster; but it appeals to a large majority of the unintelligent and inexperienced (as well as to the vicious); for examples to the young, and to the residents of large cities. It is why big cities are “leftist,” politically, and why things like universities, and big cities, should be depopulated. It is why, paradoxically, we should try to avoid extreme wealth, and instead focus upon living beautiful lives.
In distant antiquity — way back in the 1970s — I was supporting myself as an “economic journalist.” As is habitual in my case, I had no qualifications whatever. This gave me an inestimable advantage as a predictor of trends. I did not follow the idiots, and indeed, I hardly knew, from day to day, what they were saying. Just not being an idiot would put me on top. Curiously, although I found “development economics” interesting, and useful because it could help the poor, I did not even slightly want to get rich. This was although I was quite well-acquainted with how it was done. I simply liked many rich people, whom I found more honest and candid than many poor people. So, for a while, I hung out with the rich, until I began to find them boring.
And I read Austrian School economics, chiefly von Hayek and von Mises. I soon realized that they were almost always right, even the minor ones, whereas everyone established was almost always wrong. The media, then as now, were routinely reporting the opposite of the truth, so that “the voting masses” were routinely on the side of the idiots.
I, personally, am opposed to “AI,” because it is ugly, and will not become prettier after countless trillions have been invested in it, by the idiots. Curiously, it is flourishing because it is, indisputably, monstrously ugly. But the investments of so many idiots will soon make it crash.