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Working on Economics with Fable 5

wilsoniumite.com

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Re: Working on Economics with Fable 5

#21

Post by tolerance »

skew-aberration wrote: post #11

This is a topic I'm interested in, but the presentation and exposition on the website leaves a lot to be desired. Yes, it does make you sound like a crank. Almost all of the theory and predictions presented seems to be those of regular classical economics, per Smith, Riccardo, and particularly George. You can find them in Wealth of Nations, Progress and Poverty. This surprises people who have been failed by our educa…

Thank you for being able to point out and articulate these issues. LLMs have a habit of laundering pre-existing concepts per the interests (or input) of any given user.

Re: Working on Economics with Fable 5

#22

Post by [deleted] »

tomrod wrote: post #20
delichon wrote: post #18

> And the intuitive idea for this is that the wage is set by technology and access to physically scarce things (land as an example, but tbh you can add other things you think are scarce), and then it’s scaled by how efficiently machines can make machines and how much labor you need to make machines. That’s it. There is no term for human value here, and it is values that set prices. Scarcity is not itself a value. A p…

Human values ideally start deeper, in the creation of preferences, where economics simply takes as a primitive/preexisting part of the environment. Marketing theory is the one that focuses on manipulating human value.

[deleted]

Re: Working on Economics with Fable 5

#23

Post by impossiblefork »

tomrod wrote: post #20
delichon wrote: post #18

> And the intuitive idea for this is that the wage is set by technology and access to physically scarce things (land as an example, but tbh you can add other things you think are scarce), and then it’s scaled by how efficiently machines can make machines and how much labor you need to make machines. That’s it. There is no term for human value here, and it is values that set prices. Scarcity is not itself a value. A p…

Human values ideally start deeper, in the creation of preferences, where economics simply takes as a primitive/preexisting part of the environment. Marketing theory is the one that focuses on manipulating human value.

Preferences come from selection pressures and needs. Taking them as a foundation leads to excessive focus on trade and obscures the fact that humans in almost all cases need essentially the same things.

Re: Working on Economics with Fable 5

#24

Post by oefrha »

skew-aberration wrote: post #17
skew-aberration wrote: post #11

This is a topic I'm interested in, but the presentation and exposition on the website leaves a lot to be desired. Yes, it does make you sound like a crank. Almost all of the theory and predictions presented seems to be those of regular classical economics, per Smith, Riccardo, and particularly George. You can find them in Wealth of Nations, Progress and Poverty. This surprises people who have been failed by our educa…

'classical economics doesn't know how technology affects the wage' - ridiculous, classical economists were addressing exactly how technology was changing society and economic relationships. they didn't have accurate/useful models but they described the relationships in great detail. Sentences like this make me question the author's ability to evaluate their own paper.

Yes, crack open an intro to macroeconomics textbook and it has to discuss total factor productivity (technological progress) in the Cobb-Douglas production function, and its short run and long run effects on wages, or it's quite easy to connect the dots if it doesn't discuss that relationship directly. You'll get medium run too if you go a little beyond classical. It's funny someone claims to be writing economics papers but refuses to spend 100 hours, maybe less, to learn the fundamentals of macroeconomics as understood by everyone working in a related field.

> I simply could not have written this piece. I myself have no formal economics background

No shit, me neither, I read a couple macroeconomics textbooks at the age of 30 and now I wouldn't make arrogant and obviously wrong claims like the above. And I don't have the hubris to publish a paper.

Re: Working on Economics with Fable 5

#26

Post by crooked-v »

skew-aberration wrote: post #11

This is a topic I'm interested in, but the presentation and exposition on the website leaves a lot to be desired. Yes, it does make you sound like a crank. Almost all of the theory and predictions presented seems to be those of regular classical economics, per Smith, Riccardo, and particularly George. You can find them in Wealth of Nations, Progress and Poverty. This surprises people who have been failed by our educa…

It reminds me of the people who reinvent some basic concept of physics with an LLM (usually, but not always, incorrectly) and think it's 'revolutionary'.

Re: Working on Economics with Fable 5

#28

Post by robotresearcher »

estearum wrote: post #16
porridgeraisin wrote: post #12

Earlier quoted context omitted.

It is not pseudoscience. Have you read about how it works?

Yes, quite a bit actually. It's directly analogous to e.g. "Red sky at night, sailors' delight", i.e. a pseudo-scientific approach that probably has a better-than-random success rate.

So it’s a heuristic. Lots of very valuable heuristics exist.

Re: Working on Economics with Fable 5

#29

Post by snitty »

estearum wrote: post #8
owenpayton wrote: post #5

the paper abstract is generated by ai: https://www.pangram.com/history/c480c94f-2d19-4cc3-95e0-c4fa...

It may well be, but also Pangram is ridiculously transparent pseudoscience. Let's not play pretend that it's authoritative, please. Edit: Just for fun I just defeated it with AI-generated text that it reported as 100% human-written. Great stuff. Truly genius scam.

What were the text, your prompt, and model?

Re: Working on Economics with Fable 5

#30

Post by bix6 »

skew-aberration wrote: post #11

This is a topic I'm interested in, but the presentation and exposition on the website leaves a lot to be desired. Yes, it does make you sound like a crank. Almost all of the theory and predictions presented seems to be those of regular classical economics, per Smith, Riccardo, and particularly George. You can find them in Wealth of Nations, Progress and Poverty. This surprises people who have been failed by our educa…

I also tried to understand what they were saying. I read the website and skimmed the paper. It left me confused and unclear on what the takeaways really are.
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