Yes it’s an exploding washing machine thumbnail. Just go with it.
I’ve hinted at System Dynamics before but now Jamie and I have had a chat with Ty Keynes, an engineer and System Dynamics practitioner.
I’m not going to pretend it’s the answer to all our prayers, but I was surprised I’d not been exposed to it before. Of course I’m not in the academic world but I’m kind of nerd adjacent so I thought I would have.
We had fun, it’s a very interesting field and has a lot of promise for taking the ideology out of decision making about big choices like, oh I don’t know, finding out whether a UBI will cause inflation or not?
Hit play and enjoy our chat!
Here’s breakdown of the key things we talked about if you want to jump forward.
The Role of AI in Economics
[00:06:17] Debate on the impact of AI and automation on the economy, with perspectives varying from minimal impact to significant disruption of jobs.
System Dynamics and Employment
[00:09:27] Further discussion on how AI could change job dynamics, focusing on automation's impact on employment and how system dynamics could help predict these changes.
Historical Context and Future Predictions
[00:11:12] Ty and Dave discuss the historical impacts of technological advances on society and the economy, comparing past industrial changes to current AI advancements.
AI, Automation, and Economic Models
[00:16:23] A detailed conversation on how AI and automation could reshape economic models and employment landscapes.
Concluding Thoughts
[00:19:00] Wrapping up with a metaphor of orchestras and music to explain economic models, followed by a detailed explanation of how system dynamics fits into understanding and predicting changes in economics due to AI.
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