Earlier quoted context omitted.
IMO the "main source of inequality" is that tech allows a small number of people to use technological and fiscal leverage to make an outsized impact on society as a whole. Anyone who has a job that produces value in a 1:1 way is positioned to be 'disrupted'. NLP, etc, just provides more tools for companies to increase their leverage in the market. My bet is that GPT-4 is probably better at being a paralegal than at l…
This is exactly what has happened to commercial and investment banking (market/trading) in the last 30 years. Computers and mass automation. Even if your profits only grow with inflation (in reality, they grow much faster), but you can reduce costs each year (less labour required), then return on equity continues to rise. It is crazy to me that most big commercial banks still have so many physical branches. I guess t…
But looking back further - ohhhhhh yeah dude. Oh yeah. Totally. For a brief period my mom worked at a BofA facility that _processed paper checks_. Like they had a whole big office for it. That's completely 100% gone now. The checks get scanned at the point of entry (cash registers, teller counters, etc) and then shredded.