Argentina's Inflation Problem Stumped ChatGPT
Alas, GPT-4 can't fix the Argentine economy.
It was worth a try. Nobody in Argentina seems to be able to do it. It has fallen into disarray so many times that despair has become indifference. Even the jokes are drying up. (ChatGPT offered this one: Why do Argentine economists make the best magicians? Because they can make your money disappear.)
To be fair, this is (probably) only the first time this century that inflation in Argentina has hit triple digits. It is far from the 1980s price increases in the several-thousand-percent range. Still, the country is on its 22nd bailout from the International Monetary Fund, and the peso is worth half what it was a year ago.
What's more, policymakers in Buenos Aires somehow pulled off this train wreck despite robust demand for Argentina's commodities, not an easy feat.
If human intelligence can't figure out a way to shake this once-rich country from the shackles of some highbrow pun, it's hardly crazy to give robot intelligence a shot. And yet, ChatGPT's answers to the how-do-we-fix-it question seemed no better than those of the many humans who have given it a shot and failed.
“While Argentina faces multiple challenges, one of the most urgent concerns is its political and economic stability,” ChatGPT said. Allow it some snark and it'll tell you that bringing inflation under control “might seem like an impossible task, but stranger things have happened.”
The machine's assessment of Argentina's ills is not wrong. Ask it what causes intractable inflation and it'll offer up a pretty standard list: Perennial fiscal deficits financed by money creation, recurrent devaluations, wage and price indexation, a dependency on volatile commodity exports and a weak central bank that bends to the
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