Alex Imas: evaluation

Transcript context

…Isn’t there another point, which is that there are a lot of fully automated goods that don’t even exist yet? And you can’t collect any data right now about, say, how much people will want to keep buying more and more of some drug that makes you healthier that is fully produced by the AIs. Absolutely. That’s kind of Phil’s point. You could have an increase in variety in capital where you don’t get the satiation. You’re increasing variety, so you’re not hitting that diminishing marginal utility point where most of your income is going to the human sector. If that increasing variety is fast enough, and there is no such increasing variety in the human sector, then you can get all of the relational goods you want, but it doesn’t matter for labor share. It goes to zero. Phil, I liked your analogy to some Mongolian economist sitting around in 1400 thinking about what will be scarce and the limits of that kind of analysis. I think you should talk about that.…

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