Tageconomics
SPACs, IPOs, and Direct Listings
What are the new tools to unlock capital markets?Matt McIlwain, Managing Director of Madrona Venture Group, moderates a panel on exciting new investment tools: SPACs, IPOs, and Direct Listings. Panelists include Kristin Zimmerman, Managing Director at Morgan Stanley, Michael Nordtvedt, Partner at Wilson Sonsini, and Byran Mistele, CEO of INRIX. We’ve been sharing a number of lectures from past COSM conferences and other videos related to artificial intelligence and technology. This video is just one of many you can find at the Bradley Center’s YouTube page. There you’ll find several lectures, interviews, and panels dealing with issues that range from economics, Big Tech, and artificial intelligence. Notable speakers include 2022 Kyoto Prize winner Carver Mead, venture capitalist Peter Thiel, and George Gilder, co-founder of Discovery Institute and author of Life After Capitalism: The Meaning of Read More ›
More Gale Pooley and More Population Growth
We're living in a time-price revolutionCountering the prevailing narrative of doom, economist Dr. Gale Pooley shows how the incredible power of learning curves has instead brought about an era of unprecedented abundance. Based on his research into time prices (the money price divided by one’s hourly income), Pooley demonstrates that virtually every commodity is substantially cheaper today than it was decades or centuries ago. We are truly in a time-price revolution. We’ve been sharing a number of lectures from past COSM conferences. This video is just one of many you can find at the Bradley Center’s YouTube page. There you’ll find several lectures, interviews, and panels dealing with issues that range from economics, Big Tech, and artificial intelligence. Notable speakers include 2022 Kyoto Prize winner Read More ›
New Review of “Life After Capitalism” Amplifies Book’s Core Themes
Returning to the "mind-centered economy" where knowledge is wealthA new review of George Gilder’s latest book Life After Capitalism from Samuel Gregg highlights the need for the return of the “mind-centered economy,” in which governmental bureaucracies no longer hamper human creativity and imagination. When capitalistic, democratic societies fall for materialistic presuppositions of the world, they end up resembling socialist contexts in which the state is everything and individual men and women are squelched. Gregg writes at the Acton power blog, [Gilder]takes this notion of the free human mind as the decisive factor in driving economic growth and applies it across the board to economic theory, technology, and our understanding of money. Looking at the question of incentives, for example, Gilder points out that they would yield nothing in Read More ›
George Gilder on the Eric Metaxas Show: Wealth is Knowledge
Gilder proclaims loud and clear that human knowledge and innovation are the keys to economic growthGeorge Gilder, economist, venture capitalist, and author of the new book Life After Capitalism, appeared on the Eric Metaxas Show to discuss his new title and the overarching story of his life. Gilder co-founded Discovery Institute, the parent organization of Mind Matters and the Bradley Center for Natural & Artificial Intelligence, and his 1980 book Wealth & Poverty strongly influenced the economic policy decisions of President Ronald Reagan. In this interview, Gilder speaks with Metaxas about his upbringing, his ascendancy into the public policy sphere, and the philosophy that underpins his life work. Gilder proclaims loud and clear that human knowledge and innovation are the keys to economic growth, and that this points to the fact that the activity of Read More ›
Dystopia, Utopia, or Somewhere in Between?
Two great minds on the future of "smart machines"We’ve been featuring several videos from last year’s jam-packed COSM conference, which featured celebrated speakers like Kyoto Prize winner Carver Mead, venture capitalist Peter Thiel, and a number of other highly influential voices in technology and science. Today, however, we’re sharing a video from the archives of Discovery Institute’s Center for Science and Culture on the future of “smart machines,” including the dawn of sex robots. The video features a conversation between Discovery Institute’s Jay Richards and Michael Medved, who is a Senior Fellow with Discovery Insitute’s Center for Wealth & Poverty and a renowned radio broadcaster. Their discussion is remarkably pertinent to both the benefits and challenges raised by artificial intelligence and the future of “smart technology.” You can Read More ›
Life After Capitalism: Human Creativity Drives Economic Growth
Gilder once more rocks the archetypes of modern information theory and economics with a paradigm-shifting salvo of sheer brillianceAuthor of national bestseller Life After Google and generation-defining Wealth and Poverty, venture capitalist, futurist, and pioneering thinker extraordinaire George Gilder pinpoints how the clash of creativity with power at the heart of economic systems leads to global cognitive dissonance and argues that the creation of the novel taps capitalism’s infinite promise and is humanity’s only path of escape from stagnation and tyranny. Gilder once more rocks the archetypes of modern information theory and economics with a paradigm-shifting salvo of sheer brilliance. The capitalist era is over — get ready for life after capitalism. For more than two hundred years, capitalism spread wealth around the globe, bringing unprecedented prosperity and progress, liberating human potential. But something has gone terribly wrong in the world economy. Read More ›
Review of “Power and Progress: Our Thousand-Year Struggle Over Technology and Prosperity”
This new book on tech, AI, and economic prosperity by Daron Acemoglu and Simon Johnson is incredibly timelyThis book by two MIT economists is very timely because the world is now dealing with the latest in the “Thousand Year Struggle,” in the form of artificial intelligence, the claims that many white-collar jobs will be automated, OpenAI’s call for regulation, and the possibility that AI will bring a further concentration of power among the big tech companies. Much of the book sets the stage for this discussion by summarizing the history of technology. This review focuses on the economic and social impact of automation and information technology over the last 50 years. For instance, “the distribution of income between capital and labor began to change significantly in the late 20th century. While throughout most of the century, about Read More ›
Gilder: More Tech Equals More Productivity, Not Less
How will artificial intelligence change the economy? George Gilder respondsHow will artificial intelligence change the economy? Will it wipe out traditionally human occupations? Or will it end up creating more jobs for people in the long run? George Gilder, co-founder of Discovery Institute and author of the new book Gaming AI: Why AI Can’t Think but Can Transform Jobs, thinks that AI has the potential to drastically enhance human life. His optimistic view on AI focuses more on job creation over the long term, while he firmly recognizes that AI will never become so humanlike that it will replace us. He particularly thinks AI will be able to perform the jobs that most people would prefer to avoid. Vish Gain wrote a piece on Gilder’s views in the Silicon Read More ›
Gale Pooley on the Humanize Podcast
Are we really living on a dying planet?Are we living on a dying planet? Are the doomsday prophecies of scarcity and widespread starvation due to population growth real? It’s the mainstream assumption, parroted by a number of influential voices. But not everything has taken the bait. Dr. Gale L. Pooley, senior fellow at Discovery Institute’s Center on Wealth & Poverty and co-author of the groundbreaking 2022 book Superabundance: The Story of Population Growth, Innovation, and Human Flourishing, talked with Wesley J. Smith on the Humanize podcast on his work in economics and the ideas behind the book. Pooley co-wrote Superabundance with Marian Tupy of the Cato Institute. Smith and Pooley enjoyed a conversation pushing back against the widespread pessimism that is inherent in the scarcity narrative. Their Read More ›
Countering Doom with Superabundance
Marian L. Tupy challenges the ideology of scarcity and promotes a refreshing new perspective on human innovation and populationThe idea that the higher the human population the scarcer earth’s resources become is prevalent and mainstream. It is behind many of the doomsday alarmist calls for population control and influences much of economic theory and practice. But what if it’s wrong? Marian Tupy, co-author with Gale Pooley of the 2022 book Superabundance: The Story of Population Growth, Innovation, and Human Flourishing on an Infinitely Bountiful Planet, offers a different account. The earth’s resources and innovation actually increase the more people there are on the planet. Bringing their innovation and creativity to the table, joined with earth’s resources, humans find ways to create “superabundance.” Marian Tupy spoke at the COSM Conference back in November 2022, and his lecture on his Read More ›
Large Language Models Can Entertain but Are They Useful?
Humans who value correct responses will need to fact-check everything LLMs generateIn 1987 economics Nobel Laureate Robert Solow said that the computer age was everywhere—except in productivity data. A similar thing could be said about AI today: It dominates tech news but does not seem to have boosted productivity a whit. In fact, productivity growth has been declining since Solow’s observation. Productivity increased by an average of 2.7% a year from 1948 to 1986, by less than 2% a year from 1987 to 2022. Labor productivity is the amount of goods and services we produce in a given amount of time—output per hour. More productive workers can build more cars, construct more houses, and educate more children. More productive workers can also enjoy more free time. If workers can do in four Read More ›
Business Prof: Stop It! The World is NOT Running Out of Stuff!
A famous bet between two top thinkers settled that a long time agoRecently, Jay Richards interviewed Dr. Gale Pooley, Professor of Economics at BYU-Hawaii, on the myth that we are running out of resources and doomed to future scarcity. Even though media pundits often claim it is true, the numbers say it is a myth. The story begins with a famous bet between two professors… From the interview: The bet was whether basic commodity prices would rise between September 29, 1980 and September 29, 1990. The professors who made the bet were Stanford insect biologist Paul Ehrlich (1932–), author of bestseller The Population Bomb (1968), and economist Julian Simon (1932–1998) Ehrlich bet yes and Simon bet no. Gale Pooley: First of all, what was interesting about Julian Simon, he reads Ehrlich’s book Read More ›
Why Engineering Can’t Be Reduced to the Laws of Physics
When we reduce the engineer’s mind to a computer, the source of innovation disappearsThe fundamental problem of modern science is the problem of innovation. Where does novelty come from? This problem shows up in physics, biology, artificial intelligence, and economics. Within physics, the problem is how to account for the fundamental constants of reality. They are all precisely tuned to make sentient and intelligent life—life that can learn about itself and the universe—possible through science. Within biology, the problem is accounting for the source of highly complex genetic sequences that express finely tuned biological functions. In artificial intelligence, the challenge is identifying solutions that are relevant to a given scenario. In economics the problem is identifying the right products for the market. What do all these situations have in common? In each case, Read More ›
Can We Make Money by Losing Money?
Yes, sometimes. Human ingenuity isn’t simple arithmeticWhile the learning curve is not an exact science, the interesting part, in my view, is that such a non-physical mechanism can be measured at all.
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Universal Basic Income? Fear of AI Fuels Bad Economics
If new technology led to mass permanent unemployment, history would be an endless saga of expanding joblessnessAlthough the coming shift will be abrupt, new technologies enable us to focus, as economists would put it, on our comparative advantage over machines.
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How Can Information Theory Help the Economy Grow?
New information is the true source of new wealth; everyone wins when we learn how to produce it more efficiently
Does Technology Favor Tyranny?
Part One: Deconstructing Yuval Harari’s Silly Forecast of AI’s Future ImpactWill infotech and biotech erode human agency, subvert human desires, and render free-market economics obsolete? At first glance, there looks to be a wide gap between the future of AI and the destruction of democracy. Some futurists claim to have jumped that chasm. In a cheery little column published by the Atlantic, Yuval Noah Harari posits AI will ultimately destroy Read More ›