AI Is Exposing The Limits Of Economics

There is a particular pleasure in watching a scholar dismantle the monument he has spent a career admiring. Tyler Cowen named his blog after the Marginal Revolution; he has spent decades explicating, celebrating, and applying marginalist thinking to every aspect of modern life. In Cowen’s compact and astringent book, The Marginal Revolution: Rise and Decline, and the Pending AI Revolution, he turns to survey the edifice and finds it, if not crumbling, then visibly retreating from the frontier where the real intellectual work gets done. The result is one of the more honest performances in recent economic writing: a love letter that doubles as an elegy, delivered without sentimentality.