Why Machines Will Not Replace Entrepreneurs. On the Inevitable Limitations of Artificial Intelligence in Economic Life

What is it about?

This paper critically explores some supposed implications of the development of artificial intelligence (AI), particularly also machine learning (ML), for how we conceive of the role of entrepreneurship in the economy. The question of the impact of AI and ML is examined by hypothesizing a decentralized market-based system and raising the question of whether entrepreneurs will someday likely be replaced by machines. The answer turns out to be highly skeptical. Not only does the materialist worldview behind the ambitions of much AI research cast serious doubts upon the chances of success of any attempts to emulate entrepreneurship algorithmically with the help of computers, the very possibility of artificial general intelligence (AGI) can also be ruled out on purely scientific grounds. The paper concludes that human entrepreneurs will remain the driving force of the market.

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Why is it important?

In view of the recent hype cycle about AI it is important to clarify what AI can do and cannot do. The possibility of Artificial General Intelligence has not been demonstrated.

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