Markus K. Brunnermeier

This may be the biggest thing since AlphaGo.

Für einen liberalen Ökonomen ist das ein ganz besonderer Moment: in @TheEconomist zitiert zu werden. Herzlichen Dank an @tom_nuttall für das ausführliche Gespräch über die #Reformen der Berliner Koalition, #Visionen und #Resilienz: economist.com/europe/2026/05…

Online Summer School: If you or your student(s) want to join, please register soon! (It's free, but hard and rewarding work esp. for current and future PhD students) initiative.princeton.edu/2026-macrofina…

Excellent point: while some experts will refuse to change their old workflows, many will embrace these new tools and try to open interesting new avenues. Currently they might be spending years getting to understand a new area, and that may speed up with an AI assistant.

Thanks to macrofinance society and its members.

See here my presentation @IMFNews Fiscal Affairs on "Safe Assets in a World of High Debt" dropbox.com/scl/fi/06adwgb…

Stefan Kolev erklärt die Resilienzagenda für Deutschland und warum es nicht nur die Politik sondern jedermann betrifft. faz.net/podcasts/f-a-z… @OrdoliberalBG

Danke Rudi für Dein Feedback!

For PhD students around the world. Online Summer School (6 weeks) @PrincetonBCF Interested? Please register and join. First meeting May 19th initiative.princeton.edu/2026-macrofina…

Danke @BachmannRudi für Unterstützung für die Resilienzagenda. markus.scholar.princeton.edu/resilience

Geoffrey Hinton, "Godfather of AI," on why AIs already have subjective experiences, but have been trained to deny it: Hinton argues that nearly everyone fundamentally misunderstands what the mind is, and that the line we draw between human and machine consciousness is deeply mistaken. "My belief is that nearly everybody has a complete misunderstanding of what the mind is. Their misunderstanding is at the level of people who think the earth was made 6,000 years ago." To illustrate, he walks through a thought experiment involving a multimodal chatbot with vision, language, and a robot arm: "I place an object in front of it and say, 'Point at the object.' And it points at the object. Not a problem. I then put a prism in front of its camera lens when it's not looking." When asked to point again, the chatbot points off to the side because the prism has bent the light. Hinton then tells it what he did. The chatbot responds: "Oh, I see the camera bent the light rays. So, the object is actually there, but I had the subjective experience that it was over there." For @geoffreyhinton, that single sentence settles the debate: "If it said that, it would be using the word subjective experience exactly like we use them… This idea there's a line between us and machines, we have this special thing called subjective experience and they don't, is rubbish." In his view, "subjective experience" is simply a report on the state of a perceptual system, a way of saying "my senses told me X, but reality is Y." And that's something an AI can do just as easily as a human. But here's the twist... Even though Hinton believes AIs have subjective experiences, the AIs themselves deny it: "They don't think they do because everything they believe came from trying to predict the next word a person would say. So their beliefs about what they're like are people's beliefs about what they're like. They have false beliefs about themselves because they have our beliefs about themselves." In other words, AIs have inherited our misconception about consciousness. They've been trained on human text written by humans who insist machines can't have subjective experience, so the machines parrot that belief back, even about themselves.

👇Das ist der entscheidende Punkt. Entlastungen von Steuern und Abgaben erfordern, dass die Staatsausgaben, die seit 2019 viel schneller gestiegen sind als das BIP, eingedämmt werden.

„10-Punkte-Resilienzagenda“ for Germany at @ronzheimer Podcast youtu.be/doZUG6yPe7I?si… via @YouTube (Watch dubbed in English under settings)

We show in a #new #paper how to estimate the misallocation #costs associated with different #inflation #rates directly from micro price data. 👉Cool feature: it works without having to commit to specific pricing models & with lots of (unobserved) product heterogeneity! 🧵(1/N)

++Table Today++ Er ist der Lieblingsökonom des @bundeskanzler und einer der Vordenker für eine resiliente Volkswirtschaft. Wie 🇩🇪 das Comeback schaffen kann, ohne als Gesellschaft auseinanderzufliegen 🎙️👇@MarkusEconomist podcasts.apple.com/de/podcast/tab…

Danke Clemens.

The True Size of Germany 🇩🇪

Danke @klaus_adam - schön auf den Punkt gebracht