There are lots of interesting connections between economics and intelligence, which have been articulated by several people such as Eric Baum (“Manifesto for an Evolutionary Economics of Intelligence”) and David Wolpert (“Collective Inteligence”).
The central question is: how can billions of neurons, each of which is very limited in terms of computational capacity and information supply, cooperate effectively to produce higher level intelligence? There is a clear analogy to the human economy, where many individual agents with limited skills (any OB readers know how to manufacture a pencil?) and information can cooperate to produce incredibly complex and efficient economic systems.
The view expressed by the above authors is that the essential requirement is to establish a framework for interactions between agents, which will guarantee that a good global outcome will be achieved by agents maximizing their local utility functions (self-interest). Baum suggests that the nature of this framework should be similar to the rules of capitalism: you need to protect “property”, ensure conservation of wealth (no agents can print money), etc.
There are lots of interesting connections between economics and intelligence, which have been articulated by several people such as Eric Baum (“Manifesto for an Evolutionary Economics of Intelligence”) and David Wolpert (“Collective Inteligence”).
The central question is: how can billions of neurons, each of which is very limited in terms of computational capacity and information supply, cooperate effectively to produce higher level intelligence? There is a clear analogy to the human economy, where many individual agents with limited skills (any OB readers know how to manufacture a pencil?) and information can cooperate to produce incredibly complex and efficient economic systems.
The view expressed by the above authors is that the essential requirement is to establish a framework for interactions between agents, which will guarantee that a good global outcome will be achieved by agents maximizing their local utility functions (self-interest). Baum suggests that the nature of this framework should be similar to the rules of capitalism: you need to protect “property”, ensure conservation of wealth (no agents can print money), etc.