Comment by georgemcbay
8 hours ago
> Economists keep saying over and over that so far AI has had minimal impact on the economy.
Economists (including but not limited to Alan Greenspan, Robert Rubin, Larry Summers and Arthur Levitt) also spent a decade arguing against Brooksley Born's 1998 warnings that unregulated over-the-counter derivatives would inevitably lead to a financial crisis.
Economists can be spectacularly wrong and short-sighted (and blinded by prior assumptions of how things work) until suddenly the thing that should have been obvious the whole time is no longer ignorable.
True. But it's also true that "the thing that should have been obvious the whole time" may turn out not to be so obvious after all. For example, the inevitability of poor working conditions leading to a worldwide socialist revolution and the collapse of capitalism.
The economies that have collapsed are the socialist ones.