WHY MACHINES WILL NOT REPLACE ENTREPRENEURS. ON THE INEVITABLE LIMITATIONS OF ARTIFICIAL INTELLIGENCE IN ECONOMIC LIFE

Authors

  • Ludwig Van Den Hauwe

DOI:

https://doi.org/10.52195/pm.v20i2.894

Abstract

This paper critically explores some supposed implications of the development of artificial intelligence (AI), particularly also machine learning (ML), for how we conceive of the role of entrepreneurship in the economy. The question of the impact of AI and ML is examined by hypothesizing a decentralized market-based system and raising the question of whether entrepreneurs

References

Bergson, Henri. 1911. Creative evolution [1907]. New York: Henry Holt & Co.

Boettke Peter J. and Rosolino A. Candela, 2023. “On the feasibility of technosocialism,” Journal of Economic Behavior & Organization,

Volume 205, Pages 44-54, https://doi.org/10.1016/j.jebo.2022.10. 046.

Bylund, Per L. 2022a. A Modern Guide to Austrian Economics, Cheltenham: Edward Elgar

Bylund, Per L. 2022b. Entrepreneurship and the market process, Chapter 5 in Bylund 2022a, 84-102.

Chollet, François. 2017. “The implausibility of intelligence explosion,”

Retrieved from: https://medium.com/@francois.chollet/the-impossibility-of-intelligence-explosion-5be4a9eda6ec

Chollet, François. 2021. Deep learning with Python. 2nd Edition, Shelter Island, NY: Manning Publications Company.

Darwiche, Adnan. 2018. “Human-level intelligence or animal-like abilities?” Communications of the ACM 61 (10): 56-67.

Enderton, Herbert B. 2010. Computability theory: an introduction to recursion theory. Cambridge, MA: Academic Press.

Fernández-Villaverde, Jesús. 2020. “Simple rules for a complex world with artificial intelligence.” https://economics.sas.upenn.

edu/pier/working-paper/2020/simple-rules-complex-world-artificial-intelligence.

Ford, Martin. 2018. Architects of intelligence: the truth about AI from the people building it. Birmingham: Packt Publishing Ltd.

Foss N. J. & Klein P. G. 2012. Organizing Entrepreneurial Judgment : A New Approach to the Firm, Cambridge: Cambridge University

Press Gehlen, Arnold. 1988. Man: his nature and place in the world [1940]. New York: Columbia University Press.

Harper, D. 1996. Entrepreneurship and the Market Process — An enquiry into the growth of knowledge, London: Routledge.

Harvard Business Review (HBR) 2019. Artificial Intelligence, Boston: Harvard Business Review Press.

Hayek, Friedrich August von.1945. “The use of knowledge in society.” The American Economic Review 35 (4): 519-530.

Heineman, George T., Gary Pollice, and Stanley Selkow. 2008. Algorithms in a nutshell. Sebastopol, CA: O’Reilly.

Huerta de Soto, J. 2008. The Austrian School Market Order and Entrepreneurial Creativity, CheltenHam: Edward Elgar.

Huerta de Soto, J. 2009. “Entrepreneurship and the Economic Analysis of Socialism,” in The Theory of Dynamic Efficiency, 63-83. New York: Routledge.

Huerta de Soto, J. 2010. Socialism, Economic Calculation and Entrepreneurship, Cheltenham: Edward Elgar.

Kasparov, G. 2017. Deep Thinking Where Machine Intelligence Ends and Human Creativity Begins, Great Britain: John Murray

King B. and R. Petty 2021 The Rise of Technosocialism: How Inequality, AI and Climate will Usher in a New World, Marshall Cavendish International.

Kirzner, I. M. 1973. Competition and Entrepreneurship, Chicago IL: University of Chicago Press.

Klenke, Achim. 2013. Probability theory: a comprehensive course. 2nd ed. New York and Berlin: Springer.

Knight, F. H. 1921. Risk, Uncertainty, and Profit. Boston, MA: Houghton Mifflin.

Landgrebe J. and B. Smith 2023. Why Machines Will Never Rule the World — Artificial Intelligence without Fear, New York: Routledge.

Lapuschkin, Sebastian, Stephan Wäldchen, et al. 2019. “Unmasking Clever Hans predictors and assessing what machines really

learn.” Nature Communications 10 (1): 1-8.

Larson, Erik J. 2021. The myth of artificial intelligence: why computers can’t think the way we do. Cambridge, MA: Harvard University

Press.

Legg, Shane, and Marcus Hutter. 2007. “Universal intelligence: a definition of machine intelligence.” Minds and Machines 17: 391-444.

Pearl, Judea. 2020. “The limitations of opaque learning machines.” In Possible minds: twenty-five ways of looking at AI, edited by John

Brockman, 13-19. New York: Penguin Books.

Penrose, R. (1989) The emperor’s new mind: Concerning computers, minds, and the laws of physics. Oxford: Oxford University Press.

Prigogine, Ilya. 1955. Introduction to thermodynamics of irreversible processes. New York: Interscience Publishers.

Prigogine, Ilya, and René Lefever. 1973. “Theory of dissipative structures.” In Synergetics, edited by H. Haken, 124-135. Wiesbaden: Vieweg+Teubner Verlag.

Saba, Walid S. December 2022. “Review of Landgrebe J. and B. Smith 2023,” Journal of Knowledge Structures & Systems, Vol.: 3 Issue: 4 Pages: 38-41.

Sautet, F. 2022. Alertness: an Aristotelian approach, in: Bylund op. cit., 39-63. Scheler, Max. 1961. Man’s place in nature. New York: The Noonday Press.

Scheler, Max. 1973. Formalism in ethics and non-formal ethics of values.

Evanston: Northwestern University Press.

Searle, J. R. 1980. “Minds, brains, and programs.” BBS, 3, 417-457.

Smith, Adam. 1790. Theory of moral sentiments, or an essay towards an analysis of the principles by which men naturally judge concerning the conduct and character. 6th ed. The Strand, London: A. Strahan/T. Cadell. Thurner, Stefan, Peter Klimek, and Rudolf Hanel. 2018. Introduction to the theory of complex systems. Oxford: Oxford University Press.

Turing, Alan. 1937. “On computable numbers, with an application to the Entscheidungsproblem.” Proceedings of the London mathematical Society 42 (1): 230-265.

Turing, Alan.1950. “Computing machinery and intelligence.” Mind LIX: 433-460.

Van Den Hauwe, L. (2009). Foundations of Business Cycle Research, Volume II, Saarbrücken: VDM Verlag Dr. Müller.

Van Den Hauwe, L. 2020. “Entrepreneurship and Artificial Intelligence.” Unpublished manuscript.

Wolpert, David H., and William G. Macready. 1997. “No free lunch theorems for optimization.” IEEE Transactions on Evolutionary Computation 1 (1): 67-82.

Downloads

Published

2024-01-31

Issue

Section

Articles

How to Cite

WHY MACHINES WILL NOT REPLACE ENTREPRENEURS. ON THE INEVITABLE LIMITATIONS OF ARTIFICIAL INTELLIGENCE IN ECONOMIC LIFE. (2024). REVISTA PROCESOS DE MERCADO, 20(2). https://doi.org/10.52195/pm.v20i2.894