In 100 or 200 years, could Austrian Economics and an AI driven command economy be compatible? Do you believe a command economy is possible with complete information?
It seems that command economies are simply not reliable long-term because there are too many variables, human society and needs are too complex, and the world changes and evolves too quickly. There is not and never will one mind, or team of human minds, who could forecast and fulfill the economic needs of a society across all sectors for an extended period. You might get lucky for a time period, or coast for a while on the strength of previously strong sector, but it can’t last for decades and wear and tear will begin to show long before that.
But is that destined to be true with AI? Could an AI, even in some distant (or, gulp, near distant) future possibly have complete or near complete information about current and near future economic needs. What if it could maintain a stable growing command economy for say, 200 years.
AI seems likely to outperform doctors in identifying disease very very early. It will outperform investors in predicting returns. Couldnt it simalarly someday outperform even the collective hive mind of humanity by identifying future recessions, sectors that will collapse, jobs that will be replaced? Remember it doesn’t have to be perfect, it just needs to outperform a free economy.
And if does, is it a command economy? Or just a predictive capitalist tool? Could the two collapse into one? Is there a distinction?
submitted by /u/Kitchen-Row-1476
[link] [comments]