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Author: Jesús Fernández-Villaverde (Jesús Fernández-Villaverde)

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Artificial Intelligence Can’t Solve the Knowledge Problem

The only reliable method we have found to aggregate preferences, abilities, and efforts is the free market. Through the price system, it aligns incentives with information revelation. This method is not perfect, and its outcomes are often unsatisfactory. Nevertheless, like democracy, all the other alternatives, including “digital socialism,” are worse.

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