What people mean when they say the market is like a "runaway AI" is that the market sometimes leads to dumb outcomes that nobody wants.
-
Show this thread
-
Replying to @mr_scientism
every optimization strategy can get stuck in sub-optimal local maxima, surely you know this?
1 reply 0 retweets 0 likes -
-
Replying to @mr_scientism
have you ever read any social choice theory? the intelligent/unintelligent distinction you seem to be trying to draw is illusory
1 reply 0 retweets 0 likes -
Replying to @QuasLacrimas @mr_scientism
you can't say "oh well, if that process were INTELLIGENT it wouldn't have done that dumb thing" because the bounds on rationality are structural, and apply to any rational agent (and any process which mimics the strategy of a rational agent, as well)
1 reply 0 retweets 0 likes -
Replying to @QuasLacrimas
I’m not saying intelligences can’t be dumb, I’m saying it’s the unintended consequences of the market that are usually presented as evidence for the market’s supposed agency (it has runaway, escaped, etc), and intelligence can’t ONLY be dumb.
1 reply 0 retweets 0 likes -
Replying to @mr_scientism
But the reason why it has those features is that the market filters/optimizes in a way that solves some problems and gets trapped by others. Have you been exposed to social choice theory? if you at least know what I'm talking about, Elster's book "Sour Grapes" is v good on this
1 reply 0 retweets 0 likes -
Replying to @QuasLacrimas
I know bits and pieces, but haven’t studied it in any detail. Not sure what it has to do with whether the market can be considered an agent.
1 reply 0 retweets 0 likes -
Replying to @mr_scientism
you've prolly read "evolution of cooperation," right? so you know that non-sentient processes can be analyzed as if they were following strategies even if they are not literally following strategies?
2 replies 0 retweets 0 likes -
oh, well that's a great book, you're in for a treat. That and Schelling's "Strategy of Conflict" are must-reads
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.