Economics, Hayek, and Large Language Models

Contributor(s): Professor Tyler Cowen | For the first time, Large Language Models give us a direct and effective means of conversing with Artificial Intelligence on substantive questions of our choosing, including matters of economics. How do Large Language Models change our conception of how economies work? Are economies better described by words than we thought, or less well described? Given this new power of text, is Michael Polanyi's phenomenon of inarticulable knowledge more or less important?