Artificial intelligence is accelerating changes across the global economy, yet one analyst argues that the greatest risk to long‑term prosperity is not technological disruption but the resurgence of outdated economic concepts.
As president of the Foundation for Economic Education, a long‑standing free‑market think tank, he contends that the current affordability crisis presents an ideal environment for appealing to younger generations with socialist ideas.
While many young people recognize the advantages of a market system, they simultaneously demand extensive government intervention—price controls, rent freezes, free public transportation, and state regulation of food prices—trends that are emerging worldwide.
He describes this phenomenon as a new form of “anti‑economics,” driven by concerns over living costs, and stresses that economic ideas must be continually revisited to prevent a slide back into poverty.
The rapid advancement of technology, especially artificial intelligence, fuels both optimism and fear, with some people fearing widespread job loss and a decline in human progress.
His research suggests that the cultural influence of capitalism is weaker than its economic power, causing many to overlook the complex networks that enable market systems.
To illustrate this point, he asks people to consider the production chain of a simple pencil, showing how understanding such processes reveals the benefits of a market economy.
Costa’s perspective is rooted in his upbringing in Brazil during the hyperinflation of the 1990s, a period that highlighted the necessity of economic education.
He recalls how rapidly changing prices forced him to plan purchases meticulously and how protectionist policies limited access to products such as authentic video games.
Without firsthand experience of inflation or protectionism, he warns, societies may drift toward anti‑economic attitudes, underscoring the need to re‑teach economic principles with each generation.
