[Gibbon1]

Reminds me before the 2008 financial crisis you used to hear finance types and economists crowing about financial innovation. After that they've been more quiet. But they never exactly came out and said what it was. I can tell you it's about efficiently collecting rents. Being able to pick people pocket faster and cheaper so you can pick more pockets. That isn't most people think of when they hear the word innovation.

(Edgy comment over).

(Less edgy comment begins)

The finance share of the US economy went from 4% 50 years to 17% today. It feels likely that there are been zero or less than zero benefit over all from that.

Everyone has a internet connected doorbell now. 50 Yeah ago my parents never locked their front door.

Lots of complexity that seems to provide no overall value.