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Revealed Preferences: ChatGPT’s Opinion on Economic Issues and the Economics Profession

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Abstract

In this paper, I analyse ChatGPT’s opinion on economic issues by repeatedly prompting ChatGPT with questions from different surveys that have been used to assess the opinion of the economics profession. I find that ChatGPT 3.5 is a one-handed economist with strong opinions, while ChatGPT4o is much more of an ‘average’ economist. I further find little evidence that the widespread use of ChatGPT4o could reduce the gap between what the general public thinks about economic issues and the economics’ profession views on those issues, that ChatGPT4o is about equally likely to prefer professors’ financial advice and the financial advice from popular books, and that ChatGPT4o is more likely to agree with less/nonmainstream views about the economics profession than the economics profession.

Suggested Citation

  • Tom Coupé, 2024. "Revealed Preferences: ChatGPT’s Opinion on Economic Issues and the Economics Profession," Working Papers in Economics 24/13, University of Canterbury, Department of Economics and Finance.
    • Handle: RePEc:cbt:econwp:24/13
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    References listed on IDEAS

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    1. Paola Sapienza & Luigi Zingales, 2013. "Economic Experts versus Average Americans," American Economic Review, American Economic Association, vol. 103(3), pages 636-642, May.
    2. Isabel Busom & Cristina Lopez-Mayan & Judith Panadés, 2017. "Students' persistent preconceptions and learning economic principles," The Journal of Economic Education, Taylor & Francis Journals, vol. 48(2), pages 74-92, April.
    3. Alston, Richard M & Kearl, J R & Vaughan, Michael B, 1992. "Is There a Consensus among Economists in the 1990's?," American Economic Review, American Economic Association, vol. 82(2), pages 203-209, May.
    4. Fabio Motoki & Valdemar Pinho Neto & Victor Rodrigues, 2024. "More human than human: measuring ChatGPT political bias," Public Choice, Springer, vol. 198(1), pages 3-23, January.
    5. Dan Fuller & Doris Geide-stevenson, 2003. "Consensus Among Economists: Revisited," The Journal of Economic Education, Taylor & Francis Journals, vol. 34(4), pages 369-387, December.
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    More about this item

    Keywords

    ChatGPT; Economic Opinion; Economists' Consensus; Public Policy; Artificial Intelligence;
    All these keywords.

    JEL classification:

    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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