Tamay Besiroglu

Like, they are born, and then they have a certain amount of lifetime learning that they have to do.

So in human learning, there is a ton of duplication.

While for an AI system, it could just learn once.

It could just have one huge training run, which has tons of data.

And then that run could be deployed everywhere.

So that's, like, another massive advantage that the AIs have over humans.

So I would say that, I mean, again, the question of, like, will it work?

Will it be optimal?

Right.

So, I mean, my guess is probably not optimal.

But, like, I think it's hard.

Like, I don't think anyone has, like, thought this question through in, like, a lot of detail.

And I think a third reason is the thing about the incentive thing.

You wouldn't face this problem that part of the reason

you have a market is that it gives people the right kind of incentives.

But you might not need that as much if you're using AI.

So I think there's an argument that if you just list the traditional arguments people have made against why does central bank not work, then you might expect them to become weaker.

Now, I think that is still...

Like there's a danger when you're doing that kind of analysis to fall into the same kind of like partial equilibrium analysis where you're like only considering some factors and then you're not considering other things.

That's right.