Post by @technooptimist

Economist Tyler Cowen debunks the claim that AI will cause a new Great Depression by sucking all purchasing power out of the economy: "That's a view all economists think are wrong. It's not really a matter of opinion. The notion that all the money gets sucked somehow into an AI company and no one has any money — it's not an equilibrium... What in fact happens is to the extent the companies earn money, they hire labor, they invest the money, they may spend it on consumption. There's a circular flow in an economy." — Tyler Cowen, Holbert L. Harris Chair of Economics at @George Mason University & Chairman of the Mercatus Center #tylercowen #ai #economics #artificialintelligence #economists