Better Economic Policy using AI
Stephan Zheng joins us to discuss how we can use AI to create better economic policies.
The project, The AI Economist, was inspired by the difficulties around taxation. Taxation is a decision based on inevitable trade-offs. For example, for a better city transport system, the tax might need to be increased. Thus, it is a tool for making society better. However, different people can react in specific ways according to their political views, incomes, and other factors when it comes to taxation.
The AI Economist has created a stimulation of taxation, where different agents experience different levels of tax. Stephan doesn't believe that the tool will generate tax decisions, but it can help policymakers and governments make decisions from the tool's results.
Stephan believes that the stimulation can be used in other areas of society also. For example, in education, we can ensure that students are learning. Seeing how students might react to specific topics could impact curriculum design, looking at factors of enjoyment, success and progression.
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