A.I. Is Different From What You Think with Michael Fraser | HN 241
From Haman Nature by Haman Nature
June 9, 2026 · 1h 33m
About this episode
Adam discusses the nature of Large Language Models and their relation to Misesian action with guest Michael Fraser.
Adam welcomes to Haman Nature Michael Fraser, co-founder of Action/Insight and a man very familiar with both Austrian economics and the inner workings and capabilities of the Large Language Models (LLMs) we are calling Artificial Intelligence these days. Michael has a fascinating claim for us to explore. Are these LLMs more than "just" machines? Are they Misesian actors? Let's find out!00:00 — Intro. Welcoming a smart and fascinating fellow, Michael Fraser! Who is this guy and why are we listening to him about LLMs and Misesian action?09:00 — Michael lays out his thesis: LLMs (regardless of any theory of consciousness) are Misesian actors in the world. Mises's theory has broader applications than are required to understand markets.14:40 — What things are Misesian actors and what aren't? Is there a spectrum? Are there levels? Calculators? Beavers? Dogs (mine or yours?), LLMs? Politicians? What is Misesian action? How do we evaluate teleology with regard to LLMs?27:40 — Time, interaction, iteration, trajectory: how do these concepts relate to this issue? How should we think of LLMs? How many "Claudes" or "Groks" are there, could be, or have ever been?35:33 — How does math (and…
People in this episode
Host: Adam
Guest: Michael Fraser
Topics covered
- Artificial Intelligence
- Austrian economics
- Large Language Models
- Misesian action
- consciousness
- teleology
Keywords
- Artificial Intelligence
- Large Language Models
- Misesian action
- Austrian economics
- consciousness
- teleology
- path dependency
Mentioned in this episode
Organizations: Action/Insight
Books & works: Misesian action
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