Following up on my previous post, I want to share three timeless ideas that I learned from Book 1 of Adam Smith’s The Wealth of Nations as well as three open questions that I have for my fellow Smith scholars:
- The key to economic prosperity (and to the production of knowledge) is the division of labor. Question: What effect will A.I. models have on the division of labor?
- Economic growth > economic equality. Question: What effect will A.I. models have on economic growth?
- Beware government regulation, which often has the effect of erecting barriers to entry, and beware the merchants, who are constantly lobbying the government to erect these stifling barriers. Question: Should the government regulate A.I. companies, and if so, how?
prior probability 