Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

The Precious Metals Bears' Fear of Fridays
By: Dimitri Speck

The Lemmings are Heading Towards the Cliff...Again
By: Gary Savage

28 Reasons to Buy Physical Gold
By: BullionStar

Is This Gold Rally The Start Of Something Big?
By: Avi Gilburt

GoldSeek Radio Nugget: Peter Grandich and Chris Waltzek
By: radio.GoldSeek.com

GoldSeek Radio Nugget: Andy Schectman and Chris Waltzek
By: radio.GoldSeek.com

Keeping Your Cryptos Safe From Crooks
By: Avi Gilburt with Ryan Wilday

Buy Gold As Fed Shows Uncertainty And Concern Over Financial ‘Imbalances’
By: GoldCore

Gold Seeker Closing Report: Gold and Silver Gain About 1%
By: Chris Mullen, Gold Seeker Report

Northern Vertex Files Preliminary Economic Assessment Report for the Moss Gold Mine in NW Arizona
By: Northern Vertex Mining Corp.

 
Search

GoldSeek Web

 
Free Money From the Robots!

By: Gary North

 -- Published: Wednesday, 8 June 2016 | Print  | Disqus 

By: Gary North

Here is a headline: This AI expert says that a robot economy will force us to give people unconditional free money. The article is in Business Insider.

In the future, giving people unconditional free money might be the fairest way to deal with a robot-powered economy.At least, that’s what data scientist and artificial intelligence expert Jeremy Howard believes.

According to Howard, the pool of displaced workers will just keep growing exponentially, and the solution is to level the playing field.

There are lots of articles like this one these days. (Are they being written by commie algorithms?)

I ask these questions:

First, why is an AI expert uniquely qualified to analyze the fundamentally most important of all practical economic questions, the one going back to Genesis 3:17-19: scarcity?Second, how does a robot economy make this social decision — an undesigned system?

Third, what is the meaning of “force”?

Fourth, how can any system of wealth redistribution give if it does not first steal?

Fifth, is anything in life unconditional? If so, what? Theologians may say “God’s grace,” but then these questions arise: “Based on the meeting of which judicial conditions, by whom, when, and awarded on what basis?” Also this: “Grace is a pure gift. It is not given to everyone.” Also this: “God doesn’t have to take any grace from person A in order to award it to person B.”

Sixth, how does money work in a non-market economy?

The article mentions none of these questions.

It rests on the universal assumption of all socialist thought, namely, the assumption that nature imposes no inherent limits. Therefore, scarcity is the product of evil institutions — institutions based on private ownership. “Property is theft,” announced Proudhon. So, socialists conclude, the state should steal it back from the thieves and give it to everyone. This has been the socialist party line for 200 years.

MONEY FOR JUST BEING ALIVE

Here is the threat, we are told: universal job replacement by machines and computers. The crucial question today is this: “Is the pace of employee replacement about to become exponential?” We are told it is just about here.

Problem: this is not visible in the job market. People who want to work find jobs. They may not be great jobs, but they are jobs.

Uber is not using self-driving cars yet. Indian call centers are not using algorithms yet.

If overnight replacement hits any employment area, there will be no agreed-upon answers. Society can voluntarily adjust through market pricing: lower wages for displaced specialists.

In contrast, politicians can respond only through force.

I will now tell you who will not act with speed that is sufficient to deal with an exponential trend: Congress. Congress will also not respond wisely. It will pass laws that make things worse.

I don’t need an algorithm to let me conclude this. Past experience is sufficient.

Those AI experts who call for universal free money are kids who took a sociology course as undergraduates. They have long since bought into the socialist paradigm. They offer knee-jerk responses. They do not employ artificial intelligence. They employ real unintelligence.

WHOSE SOLUTIONS?

If algorithms are the only things able to adjust fast enough to exponential change, which is what some AI experts tell us is the case, or soon will be, then algorithms should decide who gets what. The computers really should be in control. In any case, they soon will be. This is a familiar science fiction scenario.

Why should anyone expect that a single worldwide algorithm will come up with a comprehensive economic plan that old-time socialists favor?

Why should we think that algorithms will agree with each other?

Why should we expect algorithms to issue rules beneficial to people rather than computers?

These AI experts think that they, acting as old-time socialists, are smarter than algorithms, present or future. I ask: If these people are correct about the power of algorithms to replace human decision-making, why don’t they conclude that 19th-century socialist solutions are outmoded?

Garbage in, garbage out. Socialism in, a failure out.

Read the Whole Article

Gary North

GaryNorth.com


| Digg This Article
 -- Published: Wednesday, 8 June 2016 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus
-- Visit LewRockwell.com



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2017



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.