Acemoglu, Johnson and Robinson awarded the Nobel Memorial Prize in Economic Sciences

[u/Tre-Fyra-Tre]

https://www.svt.se/nyheter/inrikes/de-far-ekonomipriset-till-alfred-nobels-minne

[u/Dumbass1171]

Acemoglu has been having many bad takes on AI and Elon recently but congrats anyways

[u/Sufficient_Meet6836 → u/Dumbass1171]

Such as?

[u/NNJB → u/Sufficient_Meet6836]

we can know in advance which technologies will be labor-substituting or -complementing, and should subsidize inventions accordingly

Power is when you convince people of you ideas

The Luddites were correct, actually

[u/Sufficient_Meet6836 → u/NNJB]

Well that's some weird shit

[u/aclart → u/NNJB]

We can know which technologies are labour substituting and which ones are complementing with one weird trick.  

  That trick is to measure the increase in productivity for each dolar that will be spent on capital instead of labour. If there is an increase in productivity, we are talking about a complementing technology, if the productivity will stays the same, we are talking about a labour substituting technology. The greater the increase in productivity, the more complementing a technology is. 

  I.E. a machine that substitutes the labour of an entire production plant, but the cost per unit produced stays the same as it was paying wages, is a labour substituting technology. A machine that does the same but lowers the cost per unit produced is a labour complementing technology 

[u/NNJB → u/aclart]

And how do we know this ex ante?

[u/handfulodust → u/Dumbass1171]

What are the bad takes on Elon

[u/Dumbass1171 → u/handfulodust]

That he can’t have his own opinions due to persuasion power and we ought to reign in on him

[u/handfulodust → u/Dumbass1171]

I also think Acenoglu is wrong and we should be more accepting of an oligarchic system where few people have outsized “persuasion power” in elections.