Chancellor's Fellow @uoebusiness & @UoE_EFI. Lecturer in Financial Technology and Organizations.

Edinburgh, Scotland
Joined February 2008
Very happy to see this chapter, co-authored with @BondoHansen, available online. Will be of interest to anyone interested in how machine learning is transforming the cultures of financial modelling and bringing about a closer alignment with Big Tech. academic.oup.com/edited-volu…
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Taylor Spears retweeted
There is no AI economy. It loses hundreds of billions of dollars and all gains are in speculative valuation. The only one making a profit is Nvidia, and it doesn’t make anything. It resells Taiwanese chips to companies that use them to lose money.
New newsletter: The US economy is splitting in two. There’s a rip-roaring AI economy. And there’s a lackluster consumer economy. - Macro: Last quarter, spending on AI outpaced the growth in consumer spending - Stocks: In the last two years, ~60% of equity returns have come from “AI-related” companies, esp the hyperscalers like Microsoft and Meta (per JPM) - Micro: According to Stripe, firms on the platform that self-describe as “AI companies” are dominating revenue growt, far surpassing the growth rate of any other group
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Taylor Spears retweeted
I don't know how people manage without air conditioning in this weather. The idea that opening a few windows and turning a fan on is good enough is crazy. The people responsible for stopping aircon from being built into in new build housing in Britain really should be in jail.
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The stuff of nightmares
My firebase bill is usually $50/month, but I was surprised to see a ~$70,000 bill in one day. Now Google is mentioning in 10 days it will be sent to debt collection Can anyone help??
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Taylor Spears retweeted
Is there a better feeling than receiving proofs?
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Taylor Spears retweeted
oh god
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I’m a consultant in private practice in London and I treat patients covered by private medical insurance every day. If you think it’s better in the UK, think again. I’ll share some stories I and my colleagues see every day. After reading these please DM me or share your own 🧵
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Taylor Spears retweeted
I’m born and raised in Norway. I think it’s a beautiful country that I would love to live/build in but right now that’s not possible. Sadly Europe as a whole is falling behind due to innovation hostile policies/culture. If you all help calling it out it might improve eventually🙏
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To riff on Rosa Brooks’ 2016 book: “How everything became finance and Treasury became everything”
We live in an interesting world where, as a result of policy-by-tax-credit, Treasury now administers: Our largest housing program (LIHTC) instead of HUD Our largest energy program (ITC/PTC) instead of DOE One of our largest antipoverty programs (EITC) instead of SSA
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🚨 New paper out! Excited to share this, where I take a 'weaponized interdependence' view at explaining historical failure and recent success in global tax policy - and how that view can help fight climate change and inequality🧵👇 #OA @Global_Policy: doi.org/10.1111/1758-5899.13…
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Taylor Spears retweeted
This meme was a small moment of enlightenment for me a long long while back
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Is this real? Seems wild to use QR codes for pull transactions in payments.
Be careful everyone, this happened in greystones. The lady's daughter was scammed out of €1000, using a QR code that she scanned to pay for parking.
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(1/2) We need more attention to selection bias in qualitative research. A new study in a top sociology journal examines "how young people experience policing," but it draws only on interviews of youth in an organization devoted to abolishing the police, one that bombards...
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Taylor Spears retweeted
This is really fascinating from @ByrneHobart. Money is a form of media
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Wild how AI is quickly replacing “the market” as the preferred deus ex machina that American elites invoke to provide a future solution to a wicked problem so that they don’t need to do the difficult work of thinking carefully and making hard tradeoffs in the present day
Former Google CEO Eric Schmidt says energy demand for AI is infinite and we are never going to meet our climate goals anyway, so we may as well bet on building AI to solve the problem
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Is there a word for overcomplicating a task with needless abstractions, only to achieve poorly what could’ve been done simply? In finance, that’s like delta hedging a long call and a short put separately to mimic a straightforward long stock position.
The insane irony of this is that each one of these failed multiplications requires performing trillions of successful multiplications
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One of the weirder LLM glitches I've encountered. I asked my article summariser app to summarise a PDF with no embedded full text (PDF was just images of pages). Text extraction failed silently, and so no article text was provided to GPT-4-mini. In response, it pretended to be a rule based system by outputting a fake mad lib style template.
I created a Python app with Claude's help that lets you drag and drop articles into your browser for quick summaries via the OpenAI API. I'm finding it helpful for quickly developing a high-level understanding of literature in unfamiliar fields. Saves time compared to repeatedly prompting ChatGPT. github.com/tcspears/article_…
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Progressive enthusiasm for degrowth seems to overlook that much of the progress we've made toward gender equality is closely tied to economic and technological advancements, not just cultural or political changes. It's not obvious that you can abandon the former while maintaining the latter.
This is a prescription for re-enslaving women to domestic service, and ensuring that only the wealthy can live with the basic dignity of cleanliness. What is described here is exactly how we used to do laundry, and it was terrible. Laundry was difficult manual labor that took up an entire day of the week, and was part of why being a housewife was a full-time job. To quote a scholar who actually knows this topic (Ruth Schwartz Cowan, More Work for Mother): “For most women, for most of the year, the labor of doing laundry meant carrying heavy buckets of water from tap to stove and from stove to tub, repeatedly overturning the tubs and refilling them, as well as carrying, scrubbing, wringing, and hanging the heavy fabrics that were the only ones cheap enough for poor people to buy. The labor of getting the family bathed was similar, lacking only the carrying, scrubbing, wringing, and hanging of the wash.… “Even if a dwelling contained a sink, it was usually not deep enough for doing laundry and may not have had a drain. Public laundries were few and far between; and so, for that matter, were public bath houses… “The net result of the profound difficulty that washing and bathing presented was that precious little of it got done; underclothing might be changed only once a week, or even once a season; sheets likewise (if they were used at all, since featherbeds did not require them); outerclothes might do with just a brushing; shirts or shirtwaists might go for weeks without benefit of soap; faces and hands might get splashed with water once a day; full body bathing might occur only on Saturday nights (and then with a sponge and a wooden tub and water that was used and reused) or only when underwear was changed—or never at all. “‘Some women have a feeling that cleanliness is a condition only for the rich,’ one home economist remarked of the immigrant women with whom she worked…” Cowan also quotes an early 20th-century writer as saying: “Many people do not sufficiently realize the extent to which the increase in cleanliness of home and person contributes toward the growth of democracy. So long as the upper classes felt the necessity of using smelling salts whenever approached by one of the common people, just so long would they despise the vile-smelling yokels. Cleanliness is not only next to Godliness, but it is essential to the establishment of the Brotherhood of Man.”
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For instance, this is a fascinating paper from the Journal of Finance from 2019 that makes the case that the demise of the doctrine of coverture -- which required women to transfer their assets to their husband upon marriage -- played a role in spurring industrialization in the US by incentivizing a shift towards the ownership of financial assets over real assets.
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In his 1973 book The Coming of Post-Industrial Society, Daniel Bell argued that the shift to an information economy would enable women to compete more effectively in the labor market, as jobs would increasingly require education and intellectual skills rather than physical strength. His prediction seems to have largely proven true.
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