Is ChatGPT right about our economy?

prowla

GingerTim said:

Hate AI with a passion for all the reasons rehearsed above, it being built on theft, and because I see it every day having a deleterious effect on students' critical thinking skills.

But a stopped clock and all that...

I would think it is an ideal opportunity to instil the idea that the students need to engage their critical thinking skills: false prophets and all that.

SneakySpectator

GingerTim said:

Hate AI with a passion for all the reasons rehearsed above, it being built on theft, and because I see it every day having a deleterious effect on students' critical thinking skills.

But a stopped clock and all that...

This made me laugh haha.

Definitely number 1 (engagement) is true, I'm not seeking "attention", I'm seeking discussion which is the theme with most of my threads. If I wanted a simple binary yes or no answer to a question I'd just ask google.

Number 4 (confusion) is partly true, I'm still new to the world of economics and finance and investing, even though I'm 36 I only started becoming interested in this area about 4 years ago. 

Number 5 (Boredom) possibly, sure if I was busy doing something I wouldn't make a post but when I have free time and a burning question I see no reason why not to use that time to ask it and discuss it. 

Definitely no attention seeking or trolling or "alternative agenda" lol.

As for the mods banning me, ban me for what? Asking questions and having a discussion about financial topics in a savings and investing forum? That would be quite strange.

GingerTim

prowla said:

GingerTim said:

Hate AI with a passion for all the reasons rehearsed above, it being built on theft, and because I see it every day having a deleterious effect on students' critical thinking skills.

But a stopped clock and all that...

I would think it is an ideal opportunity to instil the idea that the students need to engage their critical thinking skills: false prophets and all that.

Indeed! I've had a number of conversations on this point - some don't get it, alas.

The author of the AI-generated dissertation I've been marking today will be having such a conversation later this week...

MeteredOut

twopenny said:

The thing is basically a screen scraper tarted up .

Would you make investments on the judgement of AI?
Would you trust it with your money?

I wouldn't, but I have been playing with it for the past few weeks. I've provided it with all our financial details (DC plans, DB plans, ISAs, tax codes, ages, state pension provisions etc) and asked it to come up with a retirement plan for a set income each year, that maximised tax efficiency, and it did pretty good.

I had to prompt it further to, for example, tell it to take MPAA into account. My wife also has a Onshore Personal Investment Bond and it struggled to understand the tax rules even after uploading the product documentation. I got there with that in the end, but basically had to spoon-feed it.

So I'd not trust it, but i actually found it a decent sounding board as I built out my retirement planning spreadsheet. However, knowing how to word the prompts is still important.

SneakySpectator

MeteredOut said:

twopenny said:

The thing is basically a screen scraper tarted up .

Would you make investments on the judgement of AI?
Would you trust it with your money?

I wouldn't, but I have been playing with it for the past few weeks. I've provided it with all our financial details (DC plans, DB plans, ISAs, tax codes, ages, state pension provisions etc) and asked it to come up with a retirement plan for a set income each year, that maximised tax efficiency, and it did pretty good.

I had to prompt it further to, for example, tell it to take MPAA into account. My wife also has a Onshore Personal Investment Bond and it struggled to understand the tax rules even after uploading the product documentation. I got there with that in the end, but basically had to spoon-feed it.

So I'd not trust it, but i actually found it a decent sounding board as I built out my retirement planning spreadsheet. However, knowing how to word the prompts is still important.

From my experience using these chat AI's is they are good at analysing factual data, stats, rules and stuff. But when it comes to opinion based questions, like for example asking it "why is the UK economy a dumpster fire", the responses can be hit and miss depending on how you work your question, as some other users mentioned. 

Asking it "why is the UK economy a dumpster fire" will generate a list of very negative points while a question like "why is the UK economy a top 6 world economy" will generate very positive points. 

SneakySpectator

SneakySpectator said:

MeteredOut said:

twopenny said:

The thing is basically a screen scraper tarted up .

Would you make investments on the judgement of AI?
Would you trust it with your money?

I wouldn't, but I have been playing with it for the past few weeks. I've provided it with all our financial details (DC plans, DB plans, ISAs, tax codes, ages, state pension provisions etc) and asked it to come up with a retirement plan for a set income each year, that maximised tax efficiency, and it did pretty good.

I had to prompt it further to, for example, tell it to take MPAA into account. My wife also has a Onshore Personal Investment Bond and it struggled to understand the tax rules even after uploading the product documentation. I got there with that in the end, but basically had to spoon-feed it.

So I'd not trust it, but i actually found it a decent sounding board as I built out my retirement planning spreadsheet. However, knowing how to word the prompts is still important.

From my experience using these chat AI's is they are good at analysing factual data, stats, rules and stuff. But when it comes to opinion based questions, like for example asking it "why is the UK economy a dumpster fire", the responses can be hit and miss depending on how you work your question, as some other users mentioned. 

Asking it "why is the UK economy a dumpster fire" will generate a list of very negative points while a question like "why is the UK economy a top 6 world economy" will generate very positive points. 

Can and point