In This Decade, Is It Possible to Create a Sustainable Utopian Planned Economy Through Artificial Intelligence? Essay

3709 WordsOct 1, 201315 Pages
IN THIS DECADE, IS IT POSSIBLE TO CREATE A SUSTAINABLE UTOPIAN PLANNED ECONOMY THROUGH ARTIFICIAL INTELLIGENCE? (An essay on the radical effects of technology on the theory of economics) 2013 Philip Eames Bourne Grammar School 7/25/2013 Artificial intelligence is an exciting and groundbreaking topic for many a scientist, but what of the economist? Spencer Greenberg, one of the founders of “Rebellion Research”, a seven million dollar group dedicated to creating an AI system capable of making secure investments in the stock exchange says “It’s pretty clear that human being aren’t improving, but computers and algorithms are only getting faster and more robust.” So is it possible to take that to the next level and create a “Big Brother” computer capable of unifying the entire global economy through an advanced planned economy? Would it sustain itself or just fizzle out like the command economy of the Soviet Union? Surely it would take hundreds of years to achieve that? I believe that in this very decade it is possible to create a sustainable planned economy, using only already existing (albeit modified) technology and so I present to you the ‘Programmed Economy’ of the not so distant future – a socialist planned economy with a computer at the top. The first problem that one might see in such an endeavour is the fact that economics isn’t a science, as economics doesn’t have the same simple variables that, say chemistry does – hence the subsequent results of any proposed action are almost always unforeseeable and an economic machine such as a programmed economy would not be able to plan ahead. Economist Frédéric Bastiat argued that “There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must

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