The notion that AI can take over an economy is fantasy. A market economy is not made up of competing algorithms but rather sets of prices that lead to discovery.

For more than a century, economists have tried to reduce economics to a series of mathematical equations and statistical analysis. They have failed miserably, but that doesn’t stop them from continuing down the same mistaken path.

While the Fed continues its “two percent” charade, the central bank has been inflating the US economy into ruin. The latest Fed capers will not end well.

The people of Iran suffer not only from authoritarian rule, but they also are victims of an economy in which the authoritarian rulers engage in central economic planning that is destroying the economy. It’s an economy based upon plunder, not production.