David Laibson, in his interview on Behavioral Economics, said he would never expect to see the result of understanding physics to the point of creating an accurate prediction for anything and everything. We can never know everything due to an Uncertainty Principle and a degree of randomness in the universe. My question to him then would have been to ask for his thoughts on the use of AI being trained on previous events to be able to inform economic policymakers or whether previous events would be too historically flawed and biased to ever have this be a feasible option for contemporary society. Laibson seems to have a very pessimistic view of this future whereas the outcomes seem a big more hopeful in other fields such as in using AI to prescribe medicine. Will AI always have to be used hand in hand with human oversight? – or is there a way that Behavioral Economics can inform policymakers and possibly correct human bias.
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