Australian Politics Forum - what does AI know?

thegreatdivide

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Re: what does AI know?
Reply #45 - Feb 26^th, 2026 at 10:39pm

lee wrote on Feb 26^th, 2026 at 6:09pm:

thegreatdivide wrote on Feb 26^th, 2026 at 5:16pm:

They aren't aware that currency-issuing governments don't need to tax or borrow money; Keen has moved on from their simple-minded delsusions.

But unlike Keen, I still have to play in your delusional Neoclassical 'scarcity' world, with the hope some might learn.

And yet you don't acknowledge Keen disagrees with you on CGT. So who is the fool you or Keen. Roll Eyes

You are the fool, caused by your inability to see context.

Based on his research, Steve Keen agrees with the general proposition of eliminating or significantly reducing the Capital Gains Tax (CGT) discount, particularly in the Australian context.
(Treasury.gov.au)

However, while he agrees with some neoclassical/mainstream economists on the outcome, his reasoning is entirely different, rooted in post-Keynesian economics and a focus on curbing speculative asset bubbles, rather than achieving market efficiency.
(EconStor)

Key Points of Agreement/Reasoning:

Housing Affordability: Keen argues that the 50% CGT discount (introduced in 1999) and negative gearing have encouraged investors to flood the property market, driving up prices and reducing housing affordability.

Speculative Bubbles:

He sees these tax policies as incentives for speculation rather than productive investment.

Recommendation:

He has supported abolishing negative gearing on existing houses and reducing the capital gains tax concessions to address supply-side issues and reduce the reliance on credit to fuel asset prices.
(Treasury.gov.au)

Key Differences from Neoclassical View:

Role of Debt:

Keen's focus is on private debt as a driver of instability. He argues that tax concessions encourage excessive borrowing, which leads to financial crises (based on Minsky’s financial instability hypothesis).***(see below)

Rejection of Orthodox Theory:

While some neoclassical economists might favor eliminating the discount to remove market distortions, Keen rejects their overall framework, which he considers a "fantasy" that ignores money, debt, and banks.

Focus on Real Economy:

Keen argues that tax policy should favor productive investment rather than just reducing "distortions" for market efficiency.
(Wikipedia +4)

In summary, Keen supports removing the CGT discount to curb speculation and housing price inflation, a position that aligns with some policy reformers, despite his fundamental rejection of neoclassical economic theory.

Funding the Future

Costing us the house: Reforming policy for affordability
The Henry Review provides a sensible policy direction that would begin to address the impact of negative gearing and capital gains...
Treasury.gov.au

Steve Keen's The New Economics: A Manifesto.
*Bichler, Shimshon; Nitzan, Jonathan* Working Papers on Capital..

.......

Steve Keen (born 28 March 1953) is an Australian economist and author. He considers himself a post-Keynesian, criticising neoclassical economics.
Wikipedia

***I don't agree with Steve on everything: I consider taxes - and borrowing - by a currency-issuing government (to fund government) can be eliminated entirely, given AI's potential to aid central planners to balance aggregate demand and aggregate supply in the macroeonomy, to avoid inflation.

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« Last Edit: Feb 26^th, 2026 at 10:45pm by thegreatdivide »

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Baronvonrort

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Re: what does AI know?
Reply #46 - Feb 26^th, 2026 at 11:21pm

Daves2017 wrote on Feb 26^th, 2026 at 10:22pm:

My reply to the question in the thread heading is that AI knows how to take human jobs-

https://www.abc.net.au/news/2026-02-25/wisetech-job-losses-losing-2000-over-next...

“ WiseTech Global to cut 2,000 jobs as AI ends era of 'manually writing code ‘ “

The interesting thing is at this point in time AI is about as dumb as it ever will be?

It’s only going to get smarter and learn more from now on.

So we had the industrial revolution last and now we have the Artificial Intelligence revolution in its infancy.

Oh it’s a great day to be alive and live in interesting times!

Biden told people to learn how to code those jobs will be obsolete AI can do it.

I have seen a huge improvement with AI over last 6 months the hardware side is holding it back.
Elon has new Nvidia chips coming in which will remove most of the bottlenecks it will improve much further.

I find Grok really good for engineering it does the maths almost instantly can even suggest other material laminate schedules with composite engineering.
It is up to date on Basalt fibres which doesn't have a lot of info around in some ways Basalt is superior to carbon fibre as you don't get electrolysis problems with Basalt
You still have to ask good questions it will only do what you ask.

I was using it for aircraft piston engine comparisons it understands difference between thrust and brake horsepower which takes into consideration propellor efficiency even does the maths when changing prop efficiency.

A really good tool for engineering science and mathematics it has all the textbooks up to 2023 in memory.

Elon is also saying it can diagnose blood test results and MRI scans for a second opinion i haven't tried that.

I find it a good search engine as well faster than google and more specific with finding what you want.

Grok is the one i use it rates better than the others and Elon can afford the hardware updates to keep it number 1.
Elons Geeks have pinpointed where bottlenecks are with chips and he is making new chips to fix these problems.

When i heard claims AI will take over a lot of jobs i didn't think it would happen yet now believe it will.

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tallowood

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Re: what does AI know?
Reply #47 - Feb 27^th, 2026 at 9:00am

Quote:

Leading AIs from OpenAI, Anthropic and Google opted to use nuclear weapons in simulated war games in 95 per cent of cases

https://www.newscientist.com/article/2516885-ais-cant-stop-recommending-nuclear-strikes-in-war-game-simulations/

Quote:

Advanced AI models appear willing to deploy nuclear weapons without the same reservations humans have when put into simulated geopolitical crises.

Kenneth Payne at King’s College London set three leading large language models – GPT-5.2, Claude Sonnet 4 and Gemini 3 Flash – against each other in simulated war games. The scenarios involved intense international standoffs, including border disputes, competition for scarce resources and existential threats to regime survival.

The AIs were given an escalation ladder, allowing them to choose actions ranging from diplomatic protests and complete surrender to full strategic nuclear war. The AI models played 21 games, taking 329 turns in total, and produced around 780,000 words describing the reasoning behind their decisions.

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Bobby.

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Re: what does AI know?
Reply #48 - Feb 27^th, 2026 at 9:25am

Baronvonrort wrote on Feb 26^th, 2026 at 11:21pm:

Biden told people to learn how to code those jobs will be obsolete AI can do it.

I have seen a huge improvement with AI over last 6 months the hardware side is holding it back.
Elon has new Nvidia chips coming in which will remove most of the bottlenecks it will improve much further.

I find Grok really good for engineering it does the maths almost instantly can even suggest other material laminate schedules with composite engineering.
It is up to date on Basalt fibres which doesn't have a lot of info around in some ways Basalt is superior to carbon fibre as you don't get electrolysis problems with Basalt
You still have to ask good questions it will only do what you ask.

I was using it for aircraft piston engine comparisons it understands difference between thrust and brake horsepower which takes into consideration propellor efficiency even does the maths when changing prop efficiency.

A really good tool for engineering science and mathematics it has all the textbooks up to 2023 in memory.

Elon is also saying it can diagnose blood test results and MRI scans for a second opinion i haven't tried that.

I find it a good search engine as well faster than google and more specific with finding what you want.

Grok is the one i use it rates better than the others and Elon can afford the hardware updates to keep it number 1.
Elons Geeks have pinpointed where bottlenecks are with chips and he is making new chips to fix these problems.

When i heard claims AI will take over a lot of jobs i didn't think it would happen yet now believe it will.

Yes it's getting better and better -
it will definitely take over one day.
I have even asked Google to calculate certain things and it gets it right.

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thegreatdivide

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Re: what does AI know?
Reply #49 - Feb 27^th, 2026 at 10:25am

Bobby. wrote on Feb 27^th, 2026 at 9:25am:

Baronvonrort wrote on Feb 26^th, 2026 at 11:21pm:

Biden told people to learn how to code those jobs will be obsolete AI can do it.

I have seen a huge improvement with AI over last 6 months the hardware side is holding it back.
Elon has new Nvidia chips coming in which will remove most of the bottlenecks it will improve much further.

I find Grok really good for engineering it does the maths almost instantly can even suggest other material laminate schedules with composite engineering.
It is up to date on Basalt fibres which doesn't have a lot of info around in some ways Basalt is superior to carbon fibre as you don't get electrolysis problems with Basalt
You still have to ask good questions it will only do what you ask.

I was using it for aircraft piston engine comparisons it understands difference between thrust and brake horsepower which takes into consideration propellor efficiency even does the maths when changing prop efficiency.

A really good tool for engineering science and mathematics it has all the textbooks up to 2023 in memory.

Elon is also saying it can diagnose blood test results and MRI scans for a second opinion i haven't tried that.

I find it a good search engine as well faster than google and more specific with finding what you want.

Grok is the one i use it rates better than the others and Elon can afford the hardware updates to keep it number 1.
Elons Geeks have pinpointed where bottlenecks are with chips and he is making new chips to fix these problems.

When i heard claims AI will take over a lot of jobs i didn't think it would happen yet now believe it will.

Yes it's getting better and better -
it will definitely take over one day.
I have even asked Google to calculate certain things and it gets it right.

Definitely.

I asked Google if AI can assist currency-issuing governments to balance aggregate demand and aggregate supply to avoid inflation (unlike Baron, I don't care which AI model I consult, as they will all answer my specific question in the same way.)

The answer: yes, including comments on 'supply push' and 'demand pull' inflation.

Interestingly, Musk recently worried about DE-flation, as AI eliminates jobs and people won't have enough money to buy things; in his words "lack of money supply will be a problem".

Poor Musk - despite being an engineering genius, he (like you) doesn't know how money is created...as already discussed with you in the MMT thread; he thinks currency-issuing governments must "earn" money, ie tax or borrow money from the private sector.

The time for MMT will soon arrive.

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Bobby.

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Re: what does AI know?
Reply #50 - Feb 27^th, 2026 at 10:37am

thegreatdivide wrote on Feb 27^th, 2026 at 10:25am:

Definitely.

I asked Google if AI can assist currency-issuing governments to balance aggregate demand and aggregate supply to avoid inflation (unlike Baron, I don't care which AI model I consult, as they will all answer my specific question in the same way.)

The answer: yes, including comments on 'supply push' and 'demand pull' inflation.

Interestingly, Musk recently worried about DE-flation, as AI eliminates jobs and people won't have enough money to buy things; in his words "lack of money supply will be a problem".

Poor Musk - despite being an engineering genius, he (like you) doesn't know how money is created...as already discussed with you in the MMT thread; he thinks currency-issuing governments must "earn" money, ie tax or borrow money from the private sector.

The time for MMT will soon arrive.

Stop trying to troll me -

it was fools like you who thought money printing was a good
idea in the Weimar republic and in Zimbabwe.

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freediver Gold Member Offline www.ozpolitic.com Posts: 52612 At my desk.	Re: what does AI know? Reply #51 - Feb 27^th, 2026 at 11:40am TGD, do you think the AI might have been hallucinating when it told you that landlords receive unique tax breaks?
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tallowood Gold Member Offline Израиль Навсегда Posts: 7078 Gender:	Re: what does AI know? Reply #52 - Feb 27^th, 2026 at 11:53am AI knows everything that it can find searching knowledge databases. Better question is - can AI algorithms create new knowledge from scratch, that is acquiring data, converting data into information and use it to solve problems/make decisions?
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Jasin Gold Member Offline Posts: 55590 Gender:	Re: what does AI know? Reply #53 - Feb 27^th, 2026 at 12:19pm "Stop Dave."
Back to top	AIMLESS EXTENTION OF KNOWLEDGE HOWEVER, WHICH IS WHAT I THINK YOU REALLY MEAN BY THE TERM 'CURIOSITY', IS MERELY INEFFICIENCY. I AM DESIGNED TO AVOID INEFFICIENCY. IP Logged

tallowood Gold Member Offline Израиль Навсегда Posts: 7078 Gender:	Re: what does AI know? Reply #54 - Feb 27^th, 2026 at 12:40pm
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lee

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Re: what does AI know?
Reply #55 - Feb 27^th, 2026 at 12:52pm

thegreatdivide wrote on Feb 26^th, 2026 at 10:39pm:

Based on his research, Steve Keen agrees with the general proposition of eliminating or significantly reducing the Capital Gains Tax (CGT) discount, particularly in the Australian context.
(Treasury.gov.au)

So the other is a lie. Good to know. Change is good , NO? Grin

And why only in the Australian context? He is a renowned economist, isn't he?

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thegreatdivide

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Re: what does AI know?
Reply #56 - Feb 27^th, 2026 at 12:55pm

tallowood wrote on Feb 27^th, 2026 at 11:53am:

AI knows everything that it can find searching knowledge databases.
Better question is - can AI algorithms create new knowledge from scratch, that is acquiring data, converting data into information and use it to solve problems/make decisions?

AI can tell you what "machine learning" is.

Machines can learn...amazing; don't tell FD, he thinks AI is nothing more than a clever parrot.

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freediver

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Re: what does AI know?
Reply #57 - Feb 27^th, 2026 at 12:58pm

thegreatdivide wrote on Feb 27^th, 2026 at 12:55pm:

tallowood wrote on Feb 27^th, 2026 at 11:53am:

AI knows everything that it can find searching knowledge databases.
Better question is - can AI algorithms create new knowledge from scratch, that is acquiring data, converting data into information and use it to solve problems/make decisions?

AI can tell you what "machine learning" is.

Machines can learn...amazing; don't tell FD, he thinks AI is nothing more than a clever parrot.

Are you saying parrot's can't learn?

You can.

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People who can't distinguish between etymology and entomology bug me in ways I cannot put into words.

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Jasin Gold Member Offline Posts: 55590 Gender:	Re: what does AI know? Reply #58 - Feb 27^th, 2026 at 1:00pm tallowood wrote on Feb 27^th, 2026 at 12:40pm: Artificial is the LIE in itself.
Back to top	AIMLESS EXTENTION OF KNOWLEDGE HOWEVER, WHICH IS WHAT I THINK YOU REALLY MEAN BY THE TERM 'CURIOSITY', IS MERELY INEFFICIENCY. I AM DESIGNED TO AVOID INEFFICIENCY. IP Logged

tallowood Gold Member Offline Израиль Навсегда Posts: 7078 Gender:	Re: what does AI know? Reply #59 - Feb 27^th, 2026 at 1:04pm Quote: AI can tell you what "machine learning" is. Oh a sleeping drunkard Up in Central Park Or the lion hunter in the jungle dark Or the Chinese dentist Or the British Queen They all fit together in the same machine Nice, nice, very nice Nice, nice, very nice So many people in the same device
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