Episode
#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
1:45:28
Published: Wed Nov 25 2020
Description
Erik Brynjolfsson is an economist at Stanford. Please support this podcast by checking out our sponsors: - Vincero: https://vincerowatches.com/lex to get up to 25% off + free shipping - Four Sigmatic: https://foursigmatic.com/lex and use code LexPod to get up to 60% off - ExpressVPN: https://expressvpn.com/lexpod and use code LexPod to get 3 months free - Cash App: https://cash.app/ and use code LexPodcast to get $10 EPISODE LINKS: Erik's Twitter: https://twitter.com/erikbryn Erik's Website: https://www.brynjolfsson.com/ The Second Machine Age (book): https://amzn.to/33f1Pk2 Machine, Platform, Crowd (book): https://amzn.to/3miJZ76 PODCAST INFO: Podcast website: https://lexfridman.com/podcast Apple Podcasts: https://apple.co/2lwqZIr Spotify: https://spoti.fi/2nEwCF8 RSS: https://lexfridman.com/feed/podcast/ YouTube Full Episodes: https://youtube.com/lexfridman YouTube Clips: https://youtube.com/lexclips SUPPORT & CONNECT: - Check out the sponsors above, it's the best way to support this podcast - Support on Patreon: https://www.patreon.com/lexfridman - Twitter: https://twitter.com/lexfridman - Instagram: https://www.instagram.com/lexfridman - LinkedIn: https://www.linkedin.com/in/lexfridman - Facebook: https://www.facebook.com/LexFridmanPage - Medium: https://medium.com/@lexfridman OUTLINE: Here's the timestamps for the episode. On some podcast players you should be able to click the timestamp to jump to that time. (00:00) - Introduction (08:23) - Exponential growth (12:51) - Elon Musk exponential thinking (15:08) - Moore's law is a series of revolutions (20:31) - GPT-3 (22:09) - Autonomous vehicles (29:11) - Electricity (33:40) - Productivity (38:47) - Why is Twitter and Facebook free? (49:03) - Dismantling the nature of truth (52:24) - Nutpicking and Cancel Culture (58:39) - How will AI change our world (1:04:40) - Existential threats (1:06:33) - AI and the nature of work (1:12:39) - Thoughts on Andrew Yang and UBI (1:18:30) - Economics of innovation (1:24:37) - Effect of COVID on the economy (1:33:50) - MIT and Stanford (1:38:23) - Book recommendations (1:41:28) - Meaning of life
Chapters
This podcast explores the impact of artificial intelligence and automation on the economy and the world we live in, to move past the binary outlooks of fear and utopia.
00:00 - 01:44 (01:44)
Summary
This podcast explores the impact of artificial intelligence and automation on the economy and the world we live in, to move past the binary outlooks of fear and utopia.
Episode#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
PodcastLex Fridman Podcast
Get $10 and donate to FIRST, an organization advancing STEM education, by using the code LexPodcast when downloading Cash App from Google Play.
01:44 - 09:18 (07:33)
Summary
Get $10 and donate to FIRST, an organization advancing STEM education, by using the code LexPodcast when downloading Cash App from Google Play. Meanwhile, a brand is offering a discount and guarantee for their watches until December 2nd.
Episode#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
PodcastLex Fridman Podcast
The exponential growth of technology causes a mismatch between the rate at which technology and human skills develop and evolve, creating a discrepancy in how we understand and estimate the impact and delivery of various technologies.
09:18 - 14:02 (04:43)
Summary
The exponential growth of technology causes a mismatch between the rate at which technology and human skills develop and evolve, creating a discrepancy in how we understand and estimate the impact and delivery of various technologies.
Episode#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
PodcastLex Fridman Podcast
The advancement in materials and processes has allowed the technology industry to improve computer chips exponentially.
14:02 - 19:35 (05:33)
Summary
The advancement in materials and processes has allowed the technology industry to improve computer chips exponentially. Moore's Law, an observation in technology, still holds true after predicting that computer chips would increase significantly in power from 1975 to the present day.
Episode#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
PodcastLex Fridman Podcast
The development of self-driving cars requires a 100-fold improvement in computer power, data, and software algorithms.
19:35 - 27:01 (07:26)
Summary
The development of self-driving cars requires a 100-fold improvement in computer power, data, and software algorithms. However, the amount of available data to train these cars is limited, leading experts to predict a focus on well-mapped areas rather than unexplored territory.
Episode#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
PodcastLex Fridman Podcast
The Productivity J Curve shows that in cases where dependence on a hierarchy is tarnished at the work level (i.e.
27:01 - 32:19 (05:18)
Summary
The Productivity J Curve shows that in cases where dependence on a hierarchy is tarnished at the work level (i.e. technology), the effect is that things go down before they go up. In order to make progress, sometimes it requires a reset in eliminating old habits, and takes a new generation to take over.
Episode#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
PodcastLex Fridman Podcast
The productivity growth of the past decade has been lower in comparison to the growth of the 90s and early 2000s.
32:19 - 37:58 (05:38)
Summary
The productivity growth of the past decade has been lower in comparison to the growth of the 90s and early 2000s. Despite this, the connectivity between people and the access to information through digital goods has the potential to yield significant productivity gains that may not be reflected in GDP.
Episode#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
PodcastLex Fridman Podcast
The economic theory behind monetizing goods with advertising or charging people depends on the shape of the demand curve.
37:58 - 43:25 (05:27)
Summary
The economic theory behind monetizing goods with advertising or charging people depends on the shape of the demand curve. When the demand curve is flat and wide, advertising tends to work better, and experimentation is needed for two-sided networks or platform effects.
Episode#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
PodcastLex Fridman Podcast
The ease with which false information can spread on social media networks is concerning.
43:26 - 48:09 (04:43)
Summary
The ease with which false information can spread on social media networks is concerning. Social networks need to put some friction on this issue and try to favor the truth.
Episode#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
PodcastLex Fridman Podcast
The scientific method is a powerful tool for finding truth and has contributed to human progress.
48:09 - 54:23 (06:13)
Summary
The scientific method is a powerful tool for finding truth and has contributed to human progress. It's crucial that we continue to embrace methods that lead to the truth in a world where ideas can become disconnected from reality.
Episode#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
PodcastLex Fridman Podcast
The host and guest discuss the limitations of current AI technology and how it may develop in the future, and how it will impact various aspects of our lives including healthcare, childcare, and the environment.
54:23 - 1:02:06 (07:43)
Summary
The host and guest discuss the limitations of current AI technology and how it may develop in the future, and how it will impact various aspects of our lives including healthcare, childcare, and the environment. They also touch on the danger of not considering individual statements of good people.
Episode#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
PodcastLex Fridman Podcast
The possibility of superhuman artificial intelligence is likely to create a world that we could not have imagined.
1:02:06 - 1:09:47 (07:40)
Summary
The possibility of superhuman artificial intelligence is likely to create a world that we could not have imagined. Robin Hanson suggests the filter ahead of us is a possible reason why there are no other intelligent creatures out there that we have been able to detect.
Episode#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
PodcastLex Fridman Podcast
The lower wage occupations tend to have more tasks that are suitable for machine learning, causing a potential increase in income inequality.
1:09:47 - 1:13:51 (04:03)
Summary
The lower wage occupations tend to have more tasks that are suitable for machine learning, causing a potential increase in income inequality. On the other hand, even some high-paying jobs like airline pilots are also suitable for machines, which may worsen the situation.
Episode#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
PodcastLex Fridman Podcast
The earned income tax credit is proposed as a conditional basic income where individuals must learn new skills in order to qualify.
1:13:51 - 1:18:25 (04:34)
Summary
The earned income tax credit is proposed as a conditional basic income where individuals must learn new skills in order to qualify. This could help supplement the income of hardworking individuals and provide guidance for those who need it.
Episode#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
PodcastLex Fridman Podcast
Investing in education, infrastructure, welcoming immigrants, and progressive taxation can revive the economy with more equitable and efficient outcomes.
1:18:25 - 1:26:38 (08:12)
Summary
Investing in education, infrastructure, welcoming immigrants, and progressive taxation can revive the economy with more equitable and efficient outcomes.
Episode#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
PodcastLex Fridman Podcast
In this episode, the speaker discusses the impact of remote work on social and economic systems, and how it benefits certain individuals and disadvantages others.
1:26:38 - 1:33:57 (07:19)
Summary
In this episode, the speaker discusses the impact of remote work on social and economic systems, and how it benefits certain individuals and disadvantages others. They also touch upon the effects of free trade and how it can lead to increased wealth.
Episode#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
PodcastLex Fridman Podcast
The speaker reflects on the positive and negative aspects of academia, acknowledging both the intellectual freedom and the challenges of the job.
1:33:57 - 1:38:10 (04:13)
Summary
The speaker reflects on the positive and negative aspects of academia, acknowledging both the intellectual freedom and the challenges of the job.
Episode#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
PodcastLex Fridman Podcast
The speaker emphasizes that working on important problems in the world is not just about doing the greatest good for the greatest number.
1:38:10 - 1:44:00 (05:50)
Summary
The speaker emphasizes that working on important problems in the world is not just about doing the greatest good for the greatest number. It's like looking at a dim star in the sky which disappears when looked right at, but it's visible when looked a little to the side.
Episode#141 – Erik Brynjolfsson: Economics of AI, Social Networks, and Technology
PodcastLex Fridman Podcast
Eric Bunchalsson discusses how we are all part of the "invisible college," an intellectual and human community where we can all learn from each other regardless of physical location.
1:44:00 - 1:45:03 (01:03)
Summary
Eric Bunchalsson discusses how we are all part of the "invisible college," an intellectual and human community where we can all learn from each other regardless of physical location. This episode is sponsored by Vincero Watches, Four Sigmatic, ExpressVPN, and Cash App.