An AI can simulate an economy millions of times to create fairer tax policy
Deep reinforcement learning has trained AIs to beat humans at complex games like Go and StarCraft. Could it also do a better job at running the economy?
Income inequality is one of the overarching problems of economics. One of the most effective tools policymakers have to address it is taxation: governments collect money from people according to what they earn and redistribute it either directly, via welfare schemes, or indirectly, by using it to pay for public projects. But though more taxation can lead to greater equality, taxing people too much can discourage them from working or motivate them to find ways to avoid paying - which reduces the overall pot.
Getting the balance right is not easy. Economists typically rely on assumptions that are hard to validate. People's economic behavior is complex, and gathering data about it is hard. Decades of economic research has wrestled with designing the best tax policy, but it remains an open problem.
Scientists at the US business technology company Salesforce think AI can help. Led by Richard Socher, the team has developed a system called the AI Economist that uses reinforcement learning - the same sort of technique behind DeepMind's AlphaGo and AlphaZero - to identify optimal tax policies for a simulated economy.
The used and discarded workers of India Many continue to congratulate state governments for being bold in withdrawing constitutional protections of Indian workers, apparently to attract foreign investors. They're missing the facts on the ground. What will convince them to open their hearts to the plight of millions of citizens?
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Ardern becomes New Zealand's most popular PM in a century: poll Jacinda Ardern became New Zealand's most popular prime minister in a century, a Newshub-Reid Research poll showed on Monday, thanks to her COVID-19 response that made the country among the most successful in curbing the spread of the disease.
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Bay Area: All locations of Specialty's Cafe & Bakery to close for good A staple of work lunches all over the Bay Area is closing permanently. Specialty's Café & Bakery, which has over 50 locations in three states, announced on its website that the company is shuttering due to the coronavirus pandemic.
Dharmendra ji is leading our flood relief in Bihar and a source of constant inspiration for us to provide more help to the flood victims. You can call him @ 9431477171 if you want any direct feedback from the ground level or for sending any material. Convenient timings to call: 7:00 AM to 9:00 AM in Morning (IST) 10:30 PM to 12:00 AM in Evening(IST)
Latest Update: Health care, a prime concern at the moment. As the water is receding in some areas, they are becoming epidemic prone !
This blog has information received from Bihar on flood relief efforts undertaken by AID, AID India and partners. Donations links:
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