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Branko Milanovic Newsletter
Artificial intelligence and future of capitalism from a Marxist, and a neoclassical, point of view
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20 September
19 September
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Their words
Open source in its current form doesn’t make sense anymore. “Given enough eyeballs, all bugs are shallow” is still true but now we have artificial eyeballs
15 September
14 September
12 September
11 September
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Their words
Artificial intelligence has unleashed a torrent of cheating on campus and created chaos in the job application process, as both students and employers use large language models: the former, to write hundreds of AI-assisted applications; the latter, to screen those AI-written applications with AI-written filters, thus removing from the process of finding a first job those procedural frictions sometimes known as "people."
9 September
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Their words
data centers are nowhere near the biggest climate problem with artificial intelligence.
7 September
3 September
2 September
1 September
26 August
21 August
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Their words
The way to win at capitalism is to focus on what it actually does (make customers' lives better) rather than the socialist caricature of it (squeeze every penny out of them). The latter gets you 2x returns at best, whereas making new things for people can get you 10x.
20 August
18 August
From one piece Michael Kratsios: Inside the White House's AI Strategy 2 beliefs, in the piece's order there
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Their words
If you are working on material science, if you are working on pharmaceuticals, if you are working on chemistry, you in 2 3 years or even today are doing your role as a scientist dramatically different because of artificial intelligence.
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Their words
if the US wants to lead in artificial intelligence, we have to have a vibrant closed and open source ecosystem, and that's the only way they can all work together.
17 August
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korrents.com
Excessively AI-polished proofs can remove natural friction and become easy to read but hard to learn from.Their words
An excessively AI-polished proof may sand away both the "artificial" friction (typos, awkward phrasing, disorganization) and the "natural" friction, leaving a text that is easy to read and hard to learn from.
13 August
11 August
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Lovedrcmnd.app
Paradigms of Artificial Intelligence ProgrammingTheir words
Paradigms of Artificial Intelligence Programming by Peter Norvig. Learning the AI described in this book probably won't land you a job today. But reading the code examples will transform how you think about source code. The book shines when it comes to code comments, a topic that I've never seen demonstrated well in other sources. Here we get to see how comments become valuable as a narrative that explains both intent and reasoning. Brilliant, just brilliant.
10 August
6 August
5 August
20 July
12 July
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Their words
The primary axis is no longer the politico-economic axis of capitalism-vs-communism, but the ethno-cultural axis of ethnomasochism-vs-ethnonationalism.
1 July
10 June
From one piece Principled Thinking and AI Need to Go Together 2 beliefs · raydalio.substack.com
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korrents.com
Success now requires combining the best human intelligence with the best artificial intelligenceTheir words
I believe that the path to success is best achieved by putting the best human intelligence together with the best artificial intelligence and that the way of thinking I am describing here is essential to understand and use in the new human/artificial intelligence era.
Principled Thinking and AI Need to Go Togetherraydalio.substack.com
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Their words
I know through my experiences that even the most advanced artificial intelligences don’t have adequate enough insights to allow one to blindly follow them and that unique human understanding and insights are still invaluable, and that that is especially true in investing where value-added is a zero-sum game (so that, when it comes to adding value, what is widely known is of little value.)
Principled Thinking and AI Need to Go Togetherraydalio.substack.com
8 June
15 May
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Lovedrcmnd.app
For a New LibertyTheir words
This is the chapter that has literally converted thousands of highly intelligent, economically informed people to anarcho-capitalism.
14 May
10 May
From one piece How Anthropic, Costco, and Patagonia all build incorruptible companies | Eric Ries 2 beliefs, in the piece's order there
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Their words
corporations, organizations are the oldest form of artificial intelligence on the planet. They are an example of this emergent intelligence.
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Their words
this idea is old enough that we now have a generation of people who have been raised as if this was a natural law. This is how capitalism has always been. But that's wrong. For the vast majority of the time, for hundreds of years, we have had joint stock corporations. Only the last 40 have we had this idea.
24 March
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korrents.com
Putting the children most likely to succeed into one school is segregation, not educational excellence.Their words
Simply creating artificial separation between different students is not a strategy for “educational excellence.” It’s just segregation.
8 January
9 December 2025
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Lovedrcmnd.app
Capital Evolution: The New American EconomyTheir words
Seth and his co-author, Elizabeth MacBride, do an outstanding job of defining capitalism clearly and explaining how it evolved into today’s approach.
3 November 2025
30 October 2025
2 September 2025
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Their words
I think regulation of AI is sort of the wrong level of abstraction. Talking about regulating AI as AI is the wrong level of abstraction. And it's like saying we're going to regulate databases or regulate spreadsheets or regulate cars. Well, we do, but not like that.
24 August 2025
20 August 2025
From one piece Labubus and the brainrot aesthetic 2 beliefs, in the piece's order there
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Their words
I think this slop-adjacent realm of dupe products and Instagrammable potions points to our increasingly desperate need to manipulate our own images, and an acceptance of the fact that we're kind of hybridized monsters ourselves in this post-A.I. human-machine moment
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Their words
Any pretense of the pure or organic is undercut by a kind of willful alchemy; everything is an admixture.
30 July 2025
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Their words, before
This means that working on neural networks is NOT getting us closer to AGI, except indirectly.
Their words now
It’s become very difficult for me to maintain the belief in the stupidity of ChatGPT when every time I laugh at it, it ends up ridiculing me 6 months later.
17 July 2025
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Their words
However, current understanding and evaluation of world models in artificial intelligence (AI) remains narrow, often focusing on static representations learned from training on massive corpora of data, instead of the efficiency and efficacy in learning these representations through interaction and exploration within a novel environment.
10 June 2025
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korrents.com
A true artificial general intelligence cannot exist without being recognized as a moral subject.Their words
It follows that a true AGI with full, human-level autonomy is inconceivable in the Kantian sense without also gaining our recognition as a moral subject.
5 June 2025
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Their words
I feel like we are in the AJI phase where dramatic progress, some things don't work well, but overall you're seeing lots of progress.
3 June 2025
9 February 2025
11 January 2025
3 December 2024
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Lovedrcmnd.app
The Coming WaveTheir words
Most of the coverage of The Coming Wave has focused on what it has to say about artificial intelligence—which makes sense, given that it's one of the most important books on AI ever written.
9 November 2024
30 September 2024
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Likedaffiliate linkrcmnd.app
Civilization and Capitalism, 15th--18th CenturyTheir words
It's definitely the volume I find least satisfying.
25 May 2024
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Their words
It just kind of vanished, because what happens, I’m creating all these artificial event boundaries. I’m losing all this executive function every time I switch, I’m getting a few seconds slower and I’m catching up mentally to what’s happening.
15 May 2024
8 May 2024
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Their words
Games are AI’s natural habitat.
20 February 2024
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korrents.com
The DEI movement on campus comes out of a Marxist socialist way of looking at the world.Their words
A friend of mine sent me Christopher Rufo's book, America's Cultural Revolution, which is sort of a sociological study of the origins of the DEI movement and critical race theory. I found it actually one of the more important books I've read and also I found it quite concerning. Ultimately, DEI comes out of a kind of Marxist socialist way to look at the world.
17 January 2024
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Their words
La conclusión es obvia: lejos de ser la causa de nuestros problemas, el capitalismo de libre empresa, como sistema económico, es la única herramienta que tenemos para terminar con el hambre, la pobreza y la indigencia, a lo largo y a lo ancho de todo el planeta.
13 December 2023
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Their words, before
If I were forced at gunpoint to guess, I’d say that human-level AI seemed to me like a slog of many more centuries or millennia (with the obvious potential for black swans along the way).
Their words now
I was wrong, of course, not to contemplate more seriously the prospect that AI might enter a civilization-altering trajectory, not merely eventually but within the next decade.
29 June 2023
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Their words
It is actually all their nuances and quirks and slight annoyances that make this relationship worthwhile. I don’t think we’re going to realize that until it’s too late.
18 June 2023
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Likedrcmnd.app
You Look Like a Thing and I Love YouTheir words
A funny book explaining the basics of AI! The subtitle is How Artificial Intelligence Works and Why It's Making the World a Weirder Place. A great introduction to AI. With a cute cartoon mascot. The title is from her training an AI to write romantic greeting cards.
22 March 2023
4 March 2023
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Their words
And on balance I believe we should think of the Chinese state today as an autocratic regime that is occasionally capable of economic pragmatism rather than a technocratic regime that slips occasionally into Marxist faults.
1 March 2023
24 February 2022
11 January 2021
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Their words
Rather than being defined as one side of this artificial dichotomy, value investing should instead consist of buying whatever represents a better value proposition, taking all factors into account.
Something of Value (memo to Oaktree clients)oaktreecapital.com
8 January 2021
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Likedrcmnd.app
Americana: A 400-Year History of American CapitalismTheir words
Americana traces the history of American-style Capitalism, reminding us the political economy is far more complex than the simple labels we tend to use. Reality is far messier, filled with externalities, complications and comprises then is predicted by academic theories.
15 December 2020
17 July 2020
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