Just ignore the economists, says a recent article in The Atlantic. Well, what about listening to economists concerning the devastating effects of price controls? If we ignore economists, then it would be easy to ignore market interventionists’ uncontrollable and intoxicating need to impose price floors and ceilings in marketplaces and the effects of these controls on society at large. What economists know that The Atlantic author does not know is that there are finite resources in this world, and everyone is out to get their share.You want a car; I want a car; while this could be a zero-sum game, if car producers decide not to produce cars anymore, if they produce less, supply goes down, and prices rise. Simple enough. Scarcity, the first law of economics, is apparent in everyday

There is an attack on the customer by its anti-market enemies. These enemies dislike market economies and private property and wish to see these institutions destroyed. The enemies want to see a new “king” to the throne—one that dislikes the customer. These enemies want to install a “king” that does not care about what you want to consume, but what they want you to consume.Too often, the caricature of a customer is negative but, in reality, the customer is our benefactor and, ultimately, the boss. Why are customers benefactors? In one real sense, customers shape and mold the development of the economy and fuel jobs. Do people hold jobs to buy only the necessary things? We have a price system that does that for us, so why are the customer-surrogates swarming in to take down the customer

What is the Mises Institute?

The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

Gresham’s law states that bad money drives out good money. Gresham’s law goes something like this: overvalued money that has less actual value circulates in a market economy, and the undervalued money with the same face value but whose metal has more value is hoarded and thus goes away.

The AI and robotics revolution continues. As entrepreneurs find new ways to use these things profitably, the overall wealth of nations increases.
Original Article: The Fate or Wealth of Nations: AI, Robotics and Automation

What contributes to the wealth of a nation? Gross national income (GNI) and gross domestic product (GDP) are two well-known measures of a country’s economic growth. One measures the earnings of a country, and the other measures the value of the final goods produced by the country. What drives these measures in the twenty-first century? We are now witnessing a pivotal technological divide among countries in their ability to invest in and deploy artificial intelligence (AI) and robotics in the means of production—a divide that is creating AI haves and have-nots.
Individual energy per capita will be enormous as technological change—like AI, automation, and robotics—unleashes the ability of entrepreneurs to build apps and customize workspaces that accompany AI-augmented work partnerships

The decision to use artificial intelligence–powered robots in the fast food industry depends upon differences in costs and performance between humans and robots. State minimum wage laws are pushing the industry toward robots.

Original Article: Would You Hire an AI-powered McRobot or a Human Employee?

The gig economy as we know it is on the verge of destruction. Gig work, otherwise known as freelance work, was once held up as an entry into the entrepreneurial economy for many people seeking to dip their toes in, but that economy is currently threatened by people who do not understand its vitality for freelance entrepreneurs. There is now a push, from policy makers and a few gig contractors who think it is in the best interest of gig workers and gig employers, to professionalize the gig economy.
A recent article in the Wall Street Journal interviewed gig contractors and policy makers, who explained what professionalizing the gig economy would look like if demands are met. The article describes the policies they seek to enact, which eliminate the incentives that make the gig economy

Young people often get their first jobs in fast food or in some sort of retail customer service. Young and not so young adults are aware that fast food jobs will equip them with the skills needed to acquire future employment. Some choose to make a career in fast food, while for others it is a means of developing skills and earning money to satisfy their needs and wants.
In the past, people could easily find employment making burgers and French fries, but soon enough it won’t be so easy. Artificial intelligence–generated robots can make burgers and fries, too, and many companies are turning to robotic kitchens staffed by “McRobots.” But McRobots are not competing with humans for employment the way one might think.
The good news is that recent industry projections show that fast food and

Some are claiming that AI can make socialism workable, but even AI cannot take the place of entrepreneurial economic calculation.

Original Article: "Socialism Cannot Work, Not Even in an AI-Driven Economy"

Many of us seek products and services from sellers with goods of the best quality and relatively lower prices. Sellers seek the highest prices for selling the least amount of goods. Sellers compete for customers but would much rather be the only seller in the marketplace or market space. Furthermore, consumers want more for themselves and less for other consumers.
This depiction of market behavior is normal and may seem chaotic to some who view the marketplace through a socialist lens. With all the recent talk about reining in artificial intelligence (AI), taming AI, and limiting its uses, it sounds like the hubris of socializing artificial intelligence products and services.
However, an AI-driven economy cannot be socialized by a single entity, despite all the noise about AI restrictions,

While politicians, media mavens, and the academic elite spread fear about artificial intelligence, AI is helping make life better for ordinary consumers.

Original Article: "Prices, Food, Employment: AI and Robotics Are for Regular Folks, Not Just the Elite"

Ever since the Luddites rampaged through British textile factories in the early 1800s, people have feared that technology will result in mass unemployment. They were wrong then and are wrong now.

Original Article: "The Fear of Mass Unemployment Due to Artificial Intelligence and Robotics Is Unfounded"
This Audio Mises Wire is generously sponsored by Christopher Condon.

People are arguing over whether artificial intelligence (AI) and robotics will eliminate human employment. People seem to have an all-or-nothing belief that either the use of technology in the workplace will destroy human employment and purpose or it won’t affect it at all. The replacement of human jobs with robotics and AI is known as “technological unemployment.”
Although robotics can turn materials into economic goods in a fraction of the time it would take a human, in some cases using minimal human energy, some claim that AI and robotics will actually bring about increasing human employment. According to a 2020 Forbes projection, AI and robotics will be a strong creator of jobs and work for people across the globe in the near future. However, also in 2020, Daron Acemoglu and Pascual

In our technocratic age, it is easy to dismiss the latest technological developments as an avenue toward freedom, but some of them still bode well for markets.

Original Article: "Artificial Intelligence Can Serve Entrepreneurs and Markets"
This Audio Mises Wire is generously sponsored by Christopher Condon.

Marketplace competition is reaching a new high with the era of artificial intelligence—deep machine learning capabilities offered to the entrepreneur as specialized services. AI tools as services spanning the marketplace are popping up at a rate that is seemingly increasing firms’ productivity and competitiveness.
However, what implications do offering AI and deep learning as a service have for market operations, buyers, and sellers? When AI services and custom stacks of them become widely used tools in the marketplace, will the entrepreneur’s competitive advantage be access to AI as a service for everything? What is AI as a service (AIaaS) for everything?
Just imagine systems such as AIaaS, DevOps shortening the development cycle, and ChatGPT creating content in the blink of an eye. All

While artificial intelligence has its merits, it still cannot perform the job of the Misesian entrepreneur. That is a good thing.

Original Article: "Will AI Learn to Become a Better Entrepreneur than You?"
This Audio Mises Wire is generously sponsored by Christopher Condon.

Contemporary businesses use artificial intelligence (AI) tools to assist with operations and compete in the marketplace. AI enables firms and entrepreneurs to make data-driven decisions and to quicken the data-gathering process. When creating strategy, buying, selling, and increasing marketplace discovery, firms need to ask: What is better, artificial or human intelligence?

In a January 2020 Forbes Magazine article titled “Why Doing Good Is Good For Business” clearly left out critical information: who is the good or bad entrepreneur? According to the author, good entrepreneurs are doing good if their primary objective is not to make a profit. And bad entrepreneurs are doing bad if their primary objective is to make a profit.