James Pethokoukis writes wisely about AI. A slice:
Set aside claims that artificial intelligence is mere Silicon Valley hype or just a bubblicious story about massive data-center investment. Across Corporate America, firms are spending on AI tools, experimenting with use cases, and—crucially—starting to see results.
That said, it’s too early to expect an obvious productivity boom reflected in big-picture national data. Two things appear true: First, AI is working as a general-purpose technology. Second, it isn’t yet transforming American business.
But the direction is encouraging.
Here’s Colin Grabow on his recent appearance in a 60 Minutes report on the Jones Act.
Most silly is the assertion that these bureaucracies can be more competent now than in the past because rising global education levels mean more talent is available. As if the main blocker to global growth is a lack of bureaucrats with doctorates.
Throughout, the bank’s recommendations are carefully hedged. The authors acknowledge there is no silver bullet, that there have been many failures and that politicians need to admit when programs aren’t working so they can abandon them. They acknowledge that knowing exactly what industry to target is more of an art than a science.
Ultimately, the World Bank is arguing that industrial policy will work if governments spurn favoritism, reject rigidity and reward successful outcomes regardless of the politics. All governments have to do is act contrary to their very nature.
In other words, industrial policy won’t work.
Vance Ginn reports on the reality of guaranteed basic incomes. A slice:
AEI shows that the bigger and more credible studies tell a very different story. Among the four pilots with treatment groups of at least 500 participants, which together account for 55 percent of all treatment-group participants, the mean effect on employment was minus 3.2 percentage points. AEI also estimates a mean income elasticity of -0.18, which is consistent with standard labor-supply economics.
In plain English, when people receive more unearned income, work tends to fall at the margin. Shocking, I know. Economics still works.
“Don’t Legislate Morality: Most Americans Can’t Agree on What’s Immoral.“
