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Tag Archives: 6b) Mises.org

Can We Understand AI? A Response to Jordan Peterson’s Podcast

Like snobby teenagers claim of themselves, many say that “nobody understands artificial intelligence (AI).” For example, in a recent interview between Jordan Peterson and Brian Roemmele about ChatGPT, Jordan Peterson claimed that “The system is too complex to model” and each AI system is not only incomprehensible but unique. He further claims that “some of these AI systems, they’ve [AI experts] managed to reduce what they do learn to something approximating an...

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Smarter Talk Is Smarter Action

Americans have long thought of themselves as people of action. As Leonard Read noted in his article “How to Gain Liberty,” the sentiment “I want less talk and more action” is (or at least once was) common among Americans. It even extends to situations when people recognize that their liberties are threatened. But then the question arises as to what sorts of action are appropriate in defense of our liberties: Thus speak Americans when they suddenly awaken to the fact...

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The Fed Is Insolvent, and That’s a Bad Thing

On this first episode of the Fed Watch Podcast, Ryan McMaken and Senior Fellow Alex Pollock talk about how the Federal Reserve has negative cash flow. The Fed will print money to "solve" the problem. Be sure to follow the Fed Watch Podcast at Mises.org/FedPod. Recommended Reading "The Fed’s Capital Goes Negative" by Alex J. Pollock: Mises.org/FW_01_A "Who Owns Federal Reserve Losses and How Will They Impact Monetary Policy?" by Alex J. Pollock and Paul H....

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A Collection of the Political Writings of William Leggett, Two Volumes

A Collection of the Political Writings of William Leggett, selected and arranged, with a preface, by Theodore Sedgwick, in two volumes. (1839) This collection provides important example of populist laissez-faire opinion from the Jacksonian Era in the United States. In terms of economic policy, the Jacksonians favored low taxes, decentralization, and hard-money while opposing central banks and regulation of private business. William Leggett was born on April 30, 1801...

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The Economic Nationalists Are Wrong: Free Trade Means Freedom and Prosperity

Recently, I had the pleasure of attending a debate about the morality of capitalism between James Otteson and Michael Anton, a defender of economic nationalism. Otteson made a good case for capitalism; however, Anton derailed the debate by choosing to focus on specific policies rather than ethical concerns. Ironically, Anton admits that he has hardly ever picked up an economics textbook. Throughout the debate, Anton made claims that were either misleading or false. I...

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The Street of the Palaces

[In this 1836 editorial, William Leggett laments how Wall Street and the "privileged" orders of the American upper class employ the power of the state to protect their own financial interests at the expense of ordinary taxpayers. In the nineteenth century, Leggett was an important spokesman for the laissez-faire, populist wing of the Democratic Party which supported hard money.] There is, in the city of Genoa, a very elegant street, commonly called, The Street of the...

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Individualism in the US Has Helped Make It an Economic Success

Immigration has raised concerns in some about America’s demographic future. Some propose that an influx of migrants with foreign worldviews will fracture American society. This argument is based on the finding that the diversity generated by immigration deters social trust. Trust is a crucial ingredient for societies to thrive by establishing collaborative institutions. Trusting societies are more cooperative and innovative because when people trust each other, they...

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