Simple Rules for a Complex World with Arti?cial Intelligence

Jesus Fernandez-Villaverde

PIER Working Paper Archive from Penn Institute for Economic Research, Department of Economics, University of Pennsylvania

Abstract: Can articial intelligence, in particular, machine learning algorithms, replace the idea of simple rules, such as ?rst possession and voluntary exchange in free markets, as a foundation for public policy? This paper argues that the preponderance of the evidence sides with the interpretation that while arti?cial intelligence will help public policy along important aspects, simple rules will remain the fundamental guideline for the design of institutions and legal environments where markets operate. “Digital socialism” might be a hipster thing to talk about in Williamsburg or Shoreditch, but it is as much of a chimera as “analog socialism.”

Keywords: Arti?cial intelligence; machine learning; economics; law; rule of law (search for similar items in EconPapers)
JEL-codes: D85 H10 H30 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2020-03-20
New Economics Papers: this item is included in nep-big, nep-cbe, nep-cmp, nep-law, nep-ore and nep-pay
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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