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Artificial intelligence, dynamic efficiency and Economics

In this work I will lend support to the theory of «dynamic efficien cy», as outlined by Prof. Huerta de Soto in The Theory of Dynamic Efficiency (2010a). Whereas Huerta de Soto connects economics with ethics, I will take a different approach. Since I have a back ground in Artificial Intelligence (A.I.), I will show that this and related fields have yielded insights that, when applied to the study of economics, may call for a different way of looking at the eco nomy and its processes. At first glance, A.I. and economics do not seem to have a lot in common. The former is thought to attempt to build a human being; the latter is supposed to deal with depressions, growth, inflation, etc. That view is too simplistic; in fact there are strong similarities. First, economics is based on (inter-)acting individuals, i.e. on human action. A.I. tries to understand and simulate human (and animal) behavior. Second, economics deals with information pro cessing, such as how the allocation of resources can best be orga nized. A.I. also investigates information processing. This can be in specific systems, such as the brain, or the evolutionary process, or purely in an abstract form. Finally, A.I. tries to answer more philosophical questions like: what is intelligence? What is a mind? What is consciousness? Is there free will? These topics play a less prominent role in economics, but are sometimes touched upon, together with the related topic of the «entrepreneurial function».