Tyler Cowen — Hayek, Keynes, & Smith on AI, animal spirits, anarchy, & growth

This podcast episode explores the ideas and perspectives of renowned economists such as John Maynard Keynes, Friedrich Hayek, John Stuart Mill, and Adam Smith. It delves into their observations on investment, market efficiency, government intervention, social norms, decentralization, and the potential impact of AI. The speakers discuss the irrationality of investment driven by optimism rather than rational calculation, the challenges of long-term investing and speculation, and the skewed distribution of investment returns. They also examine Keynes' influence in early 20th century Britain, the roles of government and market forces, and the potential for AI agents to create decentralized markets. The episode concludes by discussing the limitations and potential risks of AI, the success of certain institutions, and the future of economic commentary.