Is Austrian Economics, which is based upon Praxeology and a free market, still valid with reduced human action?
Austrian economics is based on solid assumptions. The free market is comprised of individual humans who have their own agency. The market is a democratic system where every penny is a vote, deciding which resources are the most necessary. And votes are distributed to men who have best served the market with the cheapest and most desired goods, or with needed labor.
Does the conclusion of the superiority of the free market, and futility and danger of interventionalist-action/socialism still hold when a portion of the market (however large you want to consider) is comprised of artificial/non-human action? Either in terms of labor or purchasing decisions.
In particular, if artificial intelligence replaces humans in innovation, then even if you assume equal access to this intelligence, you are removing human talent from the equation. At that point, the free market could theoretically freeze, leaving everyone holding the same slices of the pie. How do you justify inequality in such a situation?
submitted by /u/Pliny_SR
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