
Took me under 5 minutes to turn a normal, smart 13-year-old against the minimum wage. Contrary to almost everyone, the textbook argument IS intuitive. It's just emotionally unappealing.
Jason Abaluck
13.5K posts

@Jabaluck
Professor of Economics at Yale SOM

Took me under 5 minutes to turn a normal, smart 13-year-old against the minimum wage. Contrary to almost everyone, the textbook argument IS intuitive. It's just emotionally unappealing.


When AI puts everyone out of a job, I guess all the unemployed people will start doing each other favors, like you cook me food, and I fix your toilet in return. I wonder what we should call all these favor exchanges




cmon how can YOU, a person living through the singularity, read this and not draw the obvious conclusion

A very nice proof! A thread with a couple of comments:

Now, imagine the epistemic vertigo of people who: 1) Are alive at this pivotal time in history 2) Seem to be pivotal decision-makers (e.g. CEO of leading AI company or world leader)

I'm perplexed at why people who I know are smarter than me, including the authors, buy the epistemic strategy used in the AI 2040 scenario, in which, tl;dr, the famous METR time horizon plot predicts eschatological doom. I don't believe the authors have sufficiently grappled with why the radiologists and programmers still have their jobs, and why baristas haven't been replaced by automatic espresso machines Or even why we haven't seen more small-scale scheming / reward hacking / misalignment damages due to the use of coding agents across Big Tech, in which we've already granted such agents significant autonomy. I think if these gaps were more deeply considered they'd be making a more nuanced and less extreme argument. In the meantime I'm concerned that resources, advocacy and governance are being influenced by their conceptual model.

Sincere response: I don't understand how people trust any technical results. I tried (& continue to try) to have Claude Code do technical quantitative analysis. There are basic mistakes everywhere. I look at the results and within 30 seconds, notice numerous errors.

Prominent economist in my DMs on a central but overlooked question raised by AGI:



"I don't have any magical ability. I look at a problem, play with it, work out a strategy." — Terence Tao