Machine Learning for Finance

If machines produce everything we need, the outcome will depend on how things are distributed. Everyone can enjoy a life of luxurious leisure if the machine-produced wealth is shared, or most people can end up miserably poor if the machine-owners successfully lobby against wealth redistribution. So far, the trend seems to be toward the second option, with technology driving ever-increasing inequality.

There’s no longer any reason to believe that the wizards of Wall Street actually contribute anything positive to society, let alone enough to justify those humongous paychecks. ... It’s hard to think of any major recent financial innovations that actually aided society, as opposed to being new, improved ways to blow bubbles, evade regulations and implement de facto Ponzi schemes.

Leaving aside genetic surgery applied humans, I foresee that the coming century will place in our hands two other forms of biological technology which are less dangerous but still revolutionary enough to transform the conditions of our existence. I count these new technologies as powerful allies in the attack on Bernal's three enemies. I give them the names “biological engineering” and “self-reproducing machinery.” Biological engineering means the artificial synthesis of living organisms designed to fulfil human purposes. Self-reproducing machinery means the imitation of the function and reproduction of a living organism with non-living materials, a computer-program imitating the function of DNA and a miniature factory imitating the functions of protein molecules. After we have attained a complete understanding of the principles of organization and development of a simple multicellular organism, both of these avenues of technological exploitation should be open to us.