The Flinchum File
Thoughtful Economic Analysis and Existential Opinions

Not-Ready-For-Prime-Time

05/21/2019

In 19th century England, textile workers were threatened by the development of new automated textile equipment.  They rioted several times and destroyed many of the new machines.  They were called Luddites, which has come to mean anybody who is distrustful of new technology.  With respect to technology, there seems to be only two opinions – (1) technology is wonderful and each development must be hailed with great enthusiasm or (2) you’re a Luddite.  A prudent lack of enthusiasm makes one a Luddite.

I have written about the economy being in better shape than the stock market, due to the number of new technology initiatives (as well as too many new product offerings like narrowly-focused ETFs).  Currently, the breathless development on Wall Street is the enhanced automated trading with artificial intelligence (AI).  I don’t like it!

A good number of aeronautical experts believe the recent crashes of the Boeing 737 Max were due to artificial intelligence being misapplied, killing about 350 people.

If you like AI in airplanes, imagine the impact on Wall Street . . .

Luddites, unite!

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