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Societies need financial infrastructure. Very little of it can be replaced with software, and innovations in finance is just as important to economic developmen

• wwweston 10y ago
  The necessity of financial infrastructure seems pretty easy to take at face value. The idea that "very little" of it can be replaced with software seems like it might need more support than a bare assertion.
• chrisbennet 10y ago
  While society needs a certain amount of financial infrastructure we can probably don't need the massive amount of finance biz that we have now. "Market share[edit] US[edit] As of 2004 the financial services industry (finance industry) represented 20% of the market capitalization of the S&P 500 in the United States.[citation needed]" - https://en.wikipedia.org/wiki/Financial_services https://en.wikipedia.org/wiki/Financial_services As Warren Buffet once said: "It has always been a fantasy of mine that a boatload of 25 brokers would be shipwrecked and struggle to an island from which there could be no rescue. Faced with developing an economy that would maximize their consumption and pleasure, would they, I wonder, assign 20 of their number to produce food, clothing, shelter, etc., while setting five to trading endlessly on the future output of the 20?" -Warren Buffet