Artificial intelligence will disrupt industries and displace workers, but it cannot abolish the fundamental economic realities: human action, scarcity, subjective value, and entrepreneurial calculation. Rather than fearing AI as an economic destroyer, we should recognize it as another tool that entrepreneurs will employ to serve consumer wants more effectively. The proper response is not government management but institutional humility—maintaining the legal framework for voluntary exchange while allowing market forces to discover AI’s highest-valued applications. Economic laws operate regardless of technological circumstances. AI may change the specific forms that scarcity, value, and entrepreneurship take, but it cannot eliminate these fundamental aspects of human action.
Michael Matulef's avatar Michael Matulef
The Economics of AI: Dispelling Fears and Embracing Entrepreneurship My latest piece with Mises https://mises.org/mises-wire/economics-ai-dispelling-fears-and-embracing-entrepreneurship
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Alton's avatar
Alton 2 months ago
I think when many fear AI “taking their jobs” what they actually fear is not having income. Ensure they have income (by whatever means) and they won’t be so afraid of AI and will most likely be happier without the job they probably hated anyway. 🤷🏻‍♂️