Scott Alexander speculates on a future 'ascended economy' where AI-run corporations dominate, discussing potential implications and risks of such a system. Longer summary

This post explores the concept of an 'ascended economy', where economic activity becomes increasingly detached from human control. Scott Alexander speculates on a future where corporations are run by algorithms, workers are replaced by robots, and even investment decisions are made by AI. He discusses the potential implications of such a system, including the formation of self-sustaining economic loops that don't involve humans, the difficulty of regulating AI-run corporations, and the risks of goal misalignment in superintelligent economic entities. While acknowledging that this scenario is highly speculative and unlikely to occur exactly as described, Scott uses it to explore important questions about AI safety, economic evolution, and the long-term consequences of automation. Shorter summary

Scott reviews 'A Future for Socialism', finding its economic proposals underwhelming but valuable for its insights on corporate governance and principal-agent problems. Longer summary

Scott Alexander reviews John Roemer's book 'A Future for Socialism', which proposes a system where everyone owns an equal share of nationalized industries through non-transferable stock coupons. The book argues this would align incentives and solve public goods problems. Scott finds the basic income aspect underwhelming and questions some assumptions, but appreciates Roemer's clear thinking on capitalism's strengths. The review highlights how joint-stock corporations effectively solve principal-agent problems, which Scott finds to be the book's most valuable insight. Shorter summary