[hamdani yusuf (OP)]

Nowadays they use computers. And soon they'll use AI assistants.

[alancalverd]

Thus being able produce vastly more garbage whilst denying any responsibility for the outcome so economics becomes even more indistinguishable from philosophy and theology!

[hamdani yusuf (OP)]

Thus being able produce vastly more garbage whilst denying any responsibility for the outcome so economics becomes even more indistinguishable from philosophy and theology!

The responsibility lies to the decision makers. As long as no intentional deception is involved. Any information should be weighed by their supporting evidence.

[hamdani yusuf (OP)]

Mindblowers Podcast

David Shapiro - Post AGI Economics - Part 2 - The future of education, gaming, VR and Longevity.

MINDBLOWERS PODCAST

00:00 Coming up - Highlights
01:00 The future of education
05:45 The social impact of school
07:45 Being different is a superpower
13:17 The virtual tribes
18:08 Finding friends or love in a virtual world
21:27 The future of gaming
25:26 What will the future of 2045 be like?
30:30 What will singularity be like?
33:40 Will Longevity escape velocity happen?
36:30 Trust the data
41:45 Will be really be able to live forever
45:25 Why did you quit AI?

[alancalverd]

As long as no intentional deception is involved.

Economists are paid by politicians. Need I say more?

[hamdani yusuf (OP)]

As long as no intentional deception is involved.

Economists are paid by politicians. Need I say more?

Some are paid by universities. Some by banks and other financial institutions. Some by non-profit organizations.

[alancalverd]

....and none of them take responsibility for the consequences of their advice or the failure of their predictions.

[hamdani yusuf (OP)]

....and none of them take responsibility for the consequences of their advice or the failure of their predictions.

It depends on the contract. Professional from other fields may have similar situations, including doctors, judges, politicians, engineers, physicists, biologists, psychiatrists, etc.

[alancalverd]

Doctors are held to account and regularly re-examined on their diagnostic or surgical skills. It is accepted that individual predictions of outcome are impossible but there is an expectation of performance in line at least with historical statistics.

Judges generally don't predict.

Politicians never accept liability for anything. After the last UK general election, defeated Conservative candidates unanimously blamed the Party for their failure, and party officers blamed the politicians.

Engineers and experimental physicists carry public liability insurance and are held to account in the wake of any attributable disaster or product failure.

Not sure about the entire spectrum of biology, but an agronomist would certainly take the blame for the failure of a novel crop if there was no obvious climatic variation.

Psychiatrists and forensic psychologists are held to account for the behavior of prisoners granted early release, though the blame nowadays should rest with the politicians and economists who have not commissioned enough prisons.

[hamdani yusuf (OP)]

Doctors are held to account and regularly re-examined on their diagnostic or surgical skills. It is accepted that individual predictions of outcome are impossible but there is an expectation of performance in line at least with historical statistics.

Proof that America needs better science education

A video has gone viral on Twitter claiming that all of us have been tricked. Is it true or does America just need a refresher lesson on Brownian motion and how microscopes work?

Some doctors make mistakes. So do politicians and economists, as well as other professionals. What's important is how to identify the mistakes.

[hamdani yusuf (OP)]

"Godfather of AI" Just Gave a WARNING On The Scary Future Of Employment
00:00 Hinton Introduction
1:24 Google Resignation
2:32 Industrial Revolution
3:55 White Collar
5:22 Job Evolution
7:49 Customer Service
9:00 Anthropic Perspective
10:45 AI Progress
12:30 Wealth Distribution
13:27 Altman's Warning
15:55 Future Work
17:47 Physical Jobs
19:22 Human Skills
20:53 Future Solutions
22:25 Final Thoughts

[hamdani yusuf (OP)]

If AI Takes All Of Our Jobs... Who's Going To Buy Everything?

Companies have been trying to cut down on workers for as long as those workers have demanded pay and benefits.

Whether it?s downsizing, outsourcing, streamlining, understaffing, or automating, if there is something a business can do to get rid of workers and their salaries, you better believe they are going to do it.

But this time does feel a little bit different. Recent AI advances have been mocked for not quiet living up to the bold claims of their tech bro founders.

But even in their current, imperfect form, LLM?s, general use robots and generative models are ALREADY replacing jobs and they are getting better every day.

So that?s bad for workers, but if you are a senior corporate executive or company owner, maybe you should be asking yourself?

If we automate everybody?s job? who is going to buy all of your stuff?

I have some good news and some bad news for your theoretical company.

The good news is that labor reduction systems of all varieties have ALREADY cut out millions of manhours in America alone and made the workers who are left more efficient at their jobs.

Artificial intelligence is just another tool that your company can use to get more work out of fewer staff or replace teams entirely.

Even here at little old works media group we used to have someone working part time whose job it was just to cut out images on Photoshop to use in our goofy little animations.

Now Adobe Suite has inbuilt AI features which can automatically remove backgrounds from any image with absolutely no human time or skill involved.

Now if you still think that sounds a bit depressing, well welcome to this channel, but also, I should tell you that market trends say this is already happening? AI isn?t going to change YOUR world, it?s just going to continue a trend that?s been happening for years now.

So it?s time to learn How Money Works to find out if how companies are adapting to a world where nobody can afford anything anymore.

[hamdani yusuf (OP)]

https://en.m.wikipedia.org/wiki/Economy
An economy[a] is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources.

The word economy in English is derived from the Middle French's yconomie, which itself derived from the Medieval Latin's oeconomia. The Latin word has its origin at the Ancient Greek's oikonomia or oikonomos. The word's first part oikos means "house", and the second part nemein means "to manage".[7]

You may argue that economists made many wrong conclusions that led to wrong predictions, decisions, and subsequent unintended results. But there are some fundamental principles in economy that's extremely unlikely to be false,, such as supply and demand economic model for price determination in a market. Also, law of diminishing marginal utility.

https://en.m.wikipedia.org/wiki/Marginal_utility
This law states that the first units of consumption of a good or service yields more satisfaction or utility than the subsequent units, and there is a continuing reduction in satisfaction or utility for greater amounts. As consumption increases, the additional satisfaction or utility gained from each additional unit consumed falls, a concept known as diminishing marginal utility. This idea is used by economics to determine the optimal quantity of a good or service that a consumer is willing to purchase.[3]

[alancalverd]

supply and demand economic model for price determination in a market.

And the weasel word is "market". The definition of a market is a place where prices are determined by supply and demand! Food and fuel prices are determined by creep - the demand is constant and at retail level the supply is pretty constant too.

But customer behavior is elastic. If shop A increases the price of a can of beans by 1p, folk aren't going to buy 99% of their weekly shopping there, then drive two miles to save a penny at B. So now there's no reason for B not to add a penny to the price of their beans.......And so we get 10% annual food price inflation, with no return to the farmers and processors.

Why is road fuel cheaper at supermarkets than at roadside garages? Nothing to do with S&D, or even volume sales. For every 100 vehicles that enter a supermarket car park, probably only one will buy fuel, but almost 100% of those visiting a roadside garage will buy fuel. Supermarkets  use the fuel price to encourage folk to visit the shop, where they will spend a lot more money on much more profitable goods. Garages are reluctant to offer "pay at pump" for the same reason - they want you to visit the shop and make an opportunity purchase before you pay for the essential fuel, but the shops are smaller so hey need to take more profit from the fuel.

[hamdani yusuf (OP)]

And the weasel word is "market". The definition of a market is a place where prices are determined by supply and demand!

It's simply a self organizing system where prices are not fixed.  The supply and demand factors will just fit in naturally.
In contrast, as in command economy, the price is determined by the authority.

[hamdani yusuf (OP)]

Food and fuel prices are determined by creep - the demand is constant and at retail level the supply is pretty constant too.

They depend on many factors. The season, availability of better alternatives, catastrophic events, future predictions, speculations, etc.

[hamdani yusuf (OP)]

The first knowledge any conscious entity can have is its own existence while it's thinking about it. To stay conscious, it requires resources. Economy is about managing those resources to maximize the chance of its continued existence, or its successors.

[hamdani yusuf (OP)]

How Physicists Broke the Solar Efficiency Record

Last month, Oxford PV's breakthrough solar cell broke the efficiency world record and is the world's first commercially available Perovskite solar panel.
How does it work? And what does this mean for the future of solar?

Chapters
0:00 The Solar Power Breakthrough
3:25 Humanity's Journey to Capture the Sun
8:46 How We Broke the Limit of Solar Efficiency
13:15 Building the World's First Perovskite Solar Panel
17:23 The Future of Solar

Most of common people don't even consider the achievement of type I civilization as a goal in their lifetime.

[alancalverd]

What "limit"? Are they claiming >100% efficiency?

[paul cotter]

Wavja would beat that by several orders of magnitude!!