Automation in financial services and the ongoing re-imagination of work

From Technology outsmarts the human investor – FT

“It just gets harder and harder and harder,” reflected one money manager this week. His is the predicament of other professionals – anything done by a person that follows a pattern and can be coded into a form that a computer understands will soon get squeezed. Technology also has the advantage identified in 1970: algorithms stay constantly alert.

It does not imply the complete death – or automation – of the investment manager. A professional can still undertake original research on a company or a security that provides insight. As more of the market becomes automated, originality becomes rarer and more valuable: an idiosyncratic investor should achieve higher returns by standing out from the robotic crowd.

Nor can algorithmic efficiency be wholly divorced from human intelligence, as the Oregon study showed – the point was that humans needed to set parameters for computers to follow. Many asset managers use analysts and researchers to build investment models that then trade securities automatically; others blend their active risk-taking with passive elements.

…

But these difficulties demonstrate how automation eats into professions, not by taking away all the jobs in one day but by unbundling them – dividing them between tasks that only humans can perform and those of which an algorithm is quite capable. Then the boundary relentlessly shifts.

The last paragraph is key – there seems to be a growing consensus that automation doesn’t simply ‘destroy’ jobs, it makes particular aspects of or kinds of role redundant and the implementation and development of automated systems requires the remaining workers to fit around those systems in different ways. In many ways, then, automation is a company or institution-specifc organisational or administrative problem as well as a wider political economic problem.

Tony Sampson on neuroculture

From a Conversation piece on Huxley, dystopia and how we might think about Facebook etc. in relation to Huxley’s “College of Emotional Engineering”, this concise evocation of his understanding of ‘neuroculture’ is interesting:

The origins of neuroculture begin in early anatomical drawings and subsequent neuron doctrine in the late 1800s. This was the first time that the brain was understood as a discontinuous network of cells connected by what became known as synaptic gaps. Initially, scientists assumed these gaps were connected by electrical charges, but later revealed the existence of neurochemical transmissions. Brain researchers went on to discover more about brain functionality and subsequently started to intervene in underlying chemical processes.

Interpretation of Cajal’s anatomy of a Purkinje neuron, by Dorota Piekorz.

On one hand, these chemical interventions point to possible inroads to understanding some crucial issues, relating to mental health, for example. But on the other, they warn of the potential of a looming dystopian future. Not, as we may think, defined by the forceful invasive probing of the brain in Room 101, but via much more subtle intermediations.

A dream of an algorithm – Agnieszka Zimolag

Photo by: Agnieszka Zimolag
Photo by: Agnieszka Zimolag

A compelling piece on the Institute of Network Cultures‘ “long forms” website by Agnieszka Zimolag entitled “A dream of an algorithm” explores “our” relation to “technology, or (to my mind) technics as the co-constitutional (and originary [not essential]) relation between what we call, in common sense terms, “the human” and”technology”.

Technology is my reflection. Just as if I never see myself unless I look in the mirror, the same goes for technology. Once I plug, once i turn on the devices, I look at my comforting reflection, I can finally become one with my own image. The perception of the self becomes a continuum, a reassurance of my own existence. Zimolag

It’s a beautiful essay and well worth reading/ looking at in full – the images are lovely and there’s some thoughtful prose reflecting upon this relation. I guess where I’d differ from Zimolag is her implied assertion that the technology, what it does/can do somehow comes after ‘the human’; that technology does something to “us” (humans) that alters us. I can see why, in the face of rapid technological change, we might figure things in this way. Nevertheless, I’m inclined to insist that there never was a “human” somehow separate from “technology”. We have an ‘aporetic origin’ in Derrida & Stiegler’s terms, we continually perform the coming to being of “the human”.

As I’ve observed elsewhere, the theory of technogenesis offered by a range of anthropologists and philosophers is the idea that humans and technology co-evolved together, that you do not get one without the other. Humans are irreducibly distinct because of the reflexive transmission of complex cultures made possible by technics and the ‘exteriorization’ of thought. Both Stiegler and Derrida argue that the mental interior is only recognized as such with the advent of the technical exterior: our conscious self-knowledge is only possible with the ability to exteriorize thought as a trace, commonly as language and gesture. Stiegler explains this aporia of origin as a paradox: ‘The paradox is to have to speak of an exteriorization without a preceding interior: the interior is constituted in exteriorisation’ (Stiegler, Technics and Time 1, p. 141).

Technics can be thought of as a technogenetic ‘double-bind’ between being both constitutive and a supplement of ‘the human’. The interior and exterior, and with them the contemporary understanding of the experience of being human and what we understand to be technology, are mutually co-constituted and continue to be so.

In opposing ‘technology’ and ‘the human’, the apparently immaterial ‘algorithm’ and apparently concrete human, we either oppose technically mediated experience to other forms of experience or we oppose our technical life to other, apparently ‘natural’, forms of exis- tence. Either way, we risk reasserting old, problematic binaries: human/technology and nature/society.

To bring this back to ‘algorithms’ and their devices, following Zimolag – they are not our ‘others’. these technologies discussed and depicted in Zimolag’s beautiful essay are materially of and with us, they are perhaps not so much the ‘reflection’ she asserts (above) but rather a mirror that we ourselves have crafted through which to look upon ourselves, but, precisely in doing so, the “we” is irrevocably altered to include the mirror. The knowledge born from coming to know our own images, in Zimolag’s metaphor, is irreducibly tied to technics.

Another AAG CFP: work & digital stuff

Following on from the proposed AAG annual conference 2017 sessions on ‘robots’, there’s another proposed set of sessions about labour/work and ‘the digital’… all the de rigueur concepts are in there*, yet it strikes me as a weird curious distinction between ‘digital’ and ‘human’, but there you go…

Tbh, readers of this blog have probably already seen the CFP but – anyway the whole thing is on Prof. Gillian Rose’s blog… Here’s a snippet:

digital \\ human \\ labour | session at AAG conference 2017

With Mark Graham and Jim Thatcher, I’m convening four sessions at the annual conference of the Association of American Geographers, which will be held in Boston, 5-9 April 2017.  The tile of the sessions is digital \\ human \\ labour, and here is the call for papers:

The proposed Digital Geographies Working Group of the RGS/IBG and the proposed Digital Geographies Specialty Group of the AAG would like to invite submissions to a series of paper sessions and panels for the 2017 meeting of the American Association of Geographers in Boston, MA. Reflecting the shared interests of these groups, and their mutual desire to facilitate conversations between a wide range of geographical scholarship, this call is for papers exploring specifically the various intersections of ‘digital’, ‘human’ and ‘labour’.

We will also convene a concluding panel session, and encourage interested participants to submit abstracts for any of these three paper sessions:

1 the human labour of digital work
…
2 the digital labour of being human
…
3 the algorithmic labour of being
…

Read the whole CFP on Visual/Method/Culture.

 

* mais tout va très bien madame la marquise.

Reblog> Launch Event: Researching Alternative Worlds: New political orientations in Geography

I’m taking part in the launch event of the Bristol Geography MSc Society & Space blog alongside some excellent and distinguished alumni of the course. It promises to be an interesting event!

The Official Launch of the Society and Space MSc Blog

4.00pm, Hepple Lecture Theatre, School of Geographical Science, University of Bristol

Register here

alternative worlds cover photos-1

On Wednesday 27th April, we will be officially launching the Society and Space MSc blog with a panel discussion event bringing together Society and Space alumni to discuss a common concern to all of their work – the role of academia in creating alternative social worlds. The Society and Space MSc Course is the principle Human Geography research training Master’s programme within the School of Geographical Sciences at the University of Bristol. As a Master’s degree that emphasises social and political theory, the programme trains students to think about social and cultural geographies from a critical perspective while also interrogating the political and ethical components inherent to these geographies. The programme has produced a range of alumni who have, in the course of their research, continue to contemplate and develop the issues, theories and debates they first encountered on the Master’s programme.

To officially launch the Society and Space blog, we have invited back Society and Space alumni – including James Ash, Emma Roe, Sam Kinsley, Nathan Eisenstadt, Owain Jones and Julian Brigstocke – to take part in a panel discussion centred upon pressing questions concerning our role as researchers in mapping alternative social worlds. What is the role of academic research in investigating, creating and sustaining alternative social worlds? When is academia useful and effective? What are we doing wrong, and what should we be doing more of?

Although a Master’s programme in Cultural Geography, the Society and Space MSc attracts students from a range of backgrounds and a variety of disciplines, such as journalism, English literature, philosophy, fine art and cultural studies. Due to the wide spectrum of backgrounds and interests of those who enrol in the course, as well as the dynamic nature of Human Geography as a subject, the contents covered in the Society and Space programme stimulate a range of conversations about the nature of sociality, the world we live in, and potential futures that may lie ahead of us. We expect that this diversity and broad outlook will be reflected in the work our speakers will present and the discussions that ensue. In addition to being a highly theoretical course, there is a strong, grounded political and ethical focus to the Master’s programme. Consequently, the issues debated, discussed and encountered throughout the Society and Space course are in direct conversation with ‘real’ issues – today’s hot topics and current political and ethical debates. In a context of austerity and the neoliberalisation of academia, the role of academia in researching and co-creating an alternative future is surely one such topic.

Alternative Worlds Poster-1

For a taste of the themes that the panel discussion will traverse, please have a look at abstracts provided by some of our panellists:

Dr James Ash, University of Newcastle

In this short reflection I offer one way of thinking about how we frame social science research questions. In doing so I want to caution against approaches which, however well meaning, centre on ‘big’ problems, framed in a general sense in relation to the concept of world. While issues such as climate change, poverty, homelessness and debt, amongst myriad others are undoubtedly real, there is an issue when assuming that a set of general problems are experienced within a shared horizon of meaning that is implied in the use of the term world. Rather than framing social problems in terms of big or small, or general or particular, I want to argue that such problems can be more productively framed in terms of what Simondon terms the abstract and the concrete. Drawing upon vignettes from the research design of an ESRC project on debt and digital interfaces, I demonstrate how Simondon’s work can be applied to specific societal problems.

 

Dr Nathan Eisenstadt, University of Bristol 

In this brief intervention I reflect on my doctoral work exploring paradoxes of freedom enacted in contemporary anarchist spaces. I propose that while performed inconsistently and in contradictory ways, the liberatory and egalitarian character of these practices lies in their capacity for an undoing of oneself with the help of compassionate others. Wonderful as this may sound – it has its edges. In closing I call attention to the failure of self-reflection and attempts to make spaces ‘safer’ when collectively established norms are radically transgressed.

 

Dr Sam Kinsley, University of Exeter

Computation is being used, within and without academia, to make ever grander and more detailed claims about our world. Yet, the (many) ‘worlds’ that emerge from what are generically referred to as ‘algorithms’ can be seen to fall foul of well-known fallacies of empiricism, in relation to their supposed lack of theoretical basis and apparent exhaustive reach. So, in light of grand claims made on behalf of ‘big data’ research and a contemporary predilection for the study of ‘algorithms’, I argue for a critical interrogation of the forms of world-ing propounded by such an ‘algorithmic imaginary’. In so doing, I suggest we reflect on what can be called a dialectic of ‘stupidity’ and ‘knowledge’, following Bernard Stiegler (2015), that undergirds our contemplation of such world-ings. My aim here is to tackle the inherent politics of this logic of worlds and how critical social scientists might engage.

 

Professor Owain Jones, Bath Spa University

My short presentation will reflect upon my experience of being in the first (very small) cohort of the MSc and then also devising and teaching the Nature and Society module from 2003-2006. I did not do an academic degree but an arts practice based degree so the MSc really marked my ‘conversion’ to academia and to geography. I can say without any exaggeration that doing the course was a life transforming and enhancing experience (as university (PG) education should be). The very possibility of imagining and enacting alternative worlds was very much part of that. My subsequent academic and professional life stands upon the very strong foundations put in place by the MSc and I think this is the case for many others too. I will offer some reflections upon why the course was so effective in this way. In part this was simply about being in a centre of excellence where there was a powerful intellectual momentum in which the conceptual and imaginative tools for questioning the trajectories of modernity were set out . But it was also about openness, spirit and collegiality with the staff and PG cohorts.

In addition to the panel discussion – which will be followed by time for audience questions – there will be a brief introduction by the Society and Space Blog Editors, before our very own Dr JD Dewsbury will recount his experience as first a student and then a lecturer on the MSc and map out how the course has changed and developed over the years.

The event will take place at 4.00pm, in the Hepple Lecture Theatre, School of Geographical Science, University of Bristol (see map). The discussion will be followed by a drinks reception. If you intend to attend (and we hope you do!), please confirm your attendance here.

We look forward to meeting you on 27th April.

The Editors

Stiegler: Stop the uberisation of society!

Posted below is a translation of a piece co-authored by Bernard Stiegler with Ariel Kyrou (journo),  Yann Moulier-Boutang (writer) and Bruno Teboul (Director of innovation at Keyrus) and published in Libération on the 10th April.

I suppose it doesn’t really propose anything especially novel, if you’re familiar with others involved in debates around “postcapitalism”, automation, worklessness and universal income (e.g. Srnicek and Williams, or Mason). What is perhaps novel is an application of the ideas in a distinctly European flavour, with examples in France and in the context of a much more robust unionised response to Uber (and the task/gig economy).

Anyway, it’s an interesting read I think…

The piece is rather conversational in tone and uses idioms I have only been able to infer (not being a fluent and native speaker) so it was quite difficult to translate, and so I’m pretty sure there are errors. As usual clarifications or original French are in [square brackets].

Stop the uberisation of society!

Libération, 10th April

The war by taxi companies against an Uber society cannot be reduced to the storyline of a film depicting an ancient evil battling benevolent forces of modernity. If on the one hand the participatory economy threatens our social structures, it can also, on the other, make possible a society with greater solidarity.

Since the first moves towards the draft Thévenoud law in June 2014[1], the urban transport soap opera has generated multiple variations on the theme of the standard storyline. On one side are the taxi federations, which have been labelled a horde of grumpy medieval malthusians by Uber, who in the opening of the second act of the performance of the trial of the 11th February demanded a whopping €100m in damages from Uber, on the other the ‘white knight’ of the new economic order, the high-tech Robin Hood of its pleb users whose UberPop service enables simple fellows in search of employment the opportunity to offer at cut-price their talents for automotive locomotion, between February 2014 and July 2015. This tale of jokers against modernisers is more attractive than the G7, queen of opaque rentier sorcery, who could not turn themselves with the wave of a magic wand into the cinderella of Parisian Transport.

Except that the movie script of the ancient evil against the benevolent ‘disruptors’ rings as hollow as any Hollywood blockbuster: seen quickly, soon forgotten. It works in the short-term, like the groan of the indefinite vigil for a taxi at 3 o’clock in the morning in the banlieue, but it hardly takes us any distance towards solving the questions about the future of our society and the search for sustainable solutions to the crisis we are experiencing.

Let’s not misunderstand this scenario: the agonism presented by this contemporary drama [série du moment] is neither the ardent need to pit global start-ups against French corporatism [corporatismes franchouillards] nor its exact opposite, namely the obligation to defend the capitalism of tired old barons against the hyper-capitalism of the rulers of the digital future. No, the issue that should be obvious to everyone with a stake in the debate is the urgent need to think about the society we want, and then act in order to build it.

For why should we anoint an ‘uberisation of the economy’ without interrogating its ideology and long-term deleterious effects? Uber, which declares only a fraction of its profits in France thanks to a complex form of tax evasion through the Netherlands, Bermuda and Delaware, is participating in the liquidation of our social structures. It embodies a short circuit that threatens the fragile economic balance between taxation, social law, transport policy, infrastructure investment at the local level and the pensions system. Worse still: its social and economic logic foreshadows the advent of a futuristic no-man’s land in which the a priori ideal of liberty becomes monetised against an a posteriori generalised casualisation throughout society. Indeed, the rictus predatory behaviour of platforms like Uber, Lyft and others such as Amazon’s Mechanical Turk is founded upon a low intensity of capital, little infrastructure, a minimum of salaried employees with more independent or self-employed workers.

The uberisation process forms the first wave in the tsunami of automation. Its primary consequence will be a net loss of five million jobs in industrialised countries by 2020, according to a report published on the 18th of January by the oracles of the World Economic Forum in Davos, the shameless apostles of the “fourth industrial revolution”. This deeply unappealing assertion has been amplified by several studies in the last three years (by Oxford, MIT, the Breugel Institute and Roland Berger) which predict around 47% fewer people in employment by 2025. This slow but inexorable extinction of of the salaried world effects not only warehouse workers, supermarket cashiers and lorry drivers but also barristers, solicitors, journalists, those working in medicine, and so on. Why should it remain necessary to use human beings for tasks that are reducible to systematic procedures? Which in our data economy robots and algorithms will soon perform much more efficiently. The combination of robotics and ‘big data’, algorithms and network effects, is already transforming us into the involuntary gravediggers for salaried employment. Welcome to a world that is ultimately ‘flexible’, boosted by robotic automation [robotisation] and work on the meter. A world where users and customers constantly account for themselves, where each becomes their own big brother and where most of the activity in every market, like with car insurance, will increasingly play out more in an automated big data-driven fashion than according to laws or to forms of trust that are not based in calculation.

Nevertheless we should beware skewed perspectives: such a world is not inevitable. The digital gives us an opportunity to reconsider work not only in terms of jobs doomed to become ever more precarious, provoking anxiety about self-exploitation, but also as a part of a project for a contributory society in which salaried employment would be one means amongst many, rather than an end in itself. A company like TaskRabbit certainly creates use value through its platform of small on-demand jobs, but it keeps for itself and its shareholders the [accompanying] exchange value in the form of profit. In contrast, Loconomics is a co-operative owned by those who use it to advertise their services. Against the platforms of the so-called sharing economy (which it is in name only) Trebor Scholz endorses a ‘platform cooperativism’ [2] to build a society of commons that operates beyond solely economic and financial dimensions.

This shambles needs to be urgently addressed. Thinking in the long-term, this is political in the principal sense of the word. To buckle down to the future of work equally concerns: expertise in data to use and liberate ourselves from algorithms and a care for people without the need for machines; to classify work in a way that is both protective of our ways of life and much less administrative than today; to examine the establishment of an adequate basic income, structurally justified by massive unemployment due to automation and the coming slow death of employment; to experiment with the extension of the regime of casual work in the context of a true society of contribution, with the acquisition and sharing of knowledge by and between everyone; to study tax reform based upon the principles of a financial transactions tax [la taxe pollen], beginning with the establishment of a European tax on the flows of High Frequency Trading, to finance a universal income.

Rather than the two opposing and yet complimentary nightmares that are the integral uberisation of society and the sovereignist protection of the capitalism of yesteryear we prefer the realisation of a dream: to imagine, to experiment, to build, step by step, a freer society with greater solidarity; preferring disagreement to the brainwashing that has played out, historically, through the carrot and the stick, or, in our high-tech times, through a blind obedience to shiny artificial devices [l’obéissance aveugle à de rutilantes mécaniques artificielles et augmentées].

1. For more information on the Thévenoud law see this article – Sam.

2. See this article on Medium by Scholz.

A politics and economics of attention

Just before Christmas (and just before injuring myself) I took part in an ESRC-funded seminar concerning the politics and economics of attention, alongside my colleague Clive Barnett and others.

Jessica Pykett very kindly invited me to talk on the back of the theme issue of Culture Machine Patrick Crogan and I co-edited back in 2012.

There are slides from the talks plus an interesting commentary by Rupert Alcock now posted to the Behaviour Change and Psychological Governance website.

My slides are on ResearchGate…

Reblog> The Geopolitics of Context: Mordor, Russia and Google Translate, by @Pip__T

An interesting blogpost by Pip Thornton on the Royal Holloway Geopolotics & Security blog:

The Geopolitics of Context: Mordor, Russia and Google Translate

“One does not simply walk into the Russian Federation”

Over the last week several media outlets, and many more Twitter feeds, have been spreading news of a series of ‘glitches’ in Google Translate which saw the word Russia being synonymised with Mordor when translated from Ukrainian to Russian. Furthermore, Russians became occupiers and for a short time the name of the Russian Foreign Minister Sergey Lavrov returned the result sad little horse. 

vk-russia-to-ukraine

Twitter / Vadim Nakhankov (wired.co.uk)

Noting that ‘the terms mirror language used by some Ukrainians following Moscow’s annexation of Crimea in 2014″², some suggested the possibility of foul play; that the algorithm was ‘hacked by spies‘, ‘jokers’ or ‘mischievous pro-Kiev activists’,  or that the words had been inserted manually by users as alternative translations presumably in order to ridicule Russia and humiliate Lavrov. Other sources referred to a ‘bug’ or an ‘automated error’ in the algorithm, an explanation seemingly substantiated by the way Google quickly issued an ‘embarrassed apology’, stepping in to ‘fix’ their wayward algorithms as soon as the matter came to light.

Read the full post here.

Apps & affect – Fibreculture 25

This issue of Fibreculture on “apps and affect” from last year (2015), stemming from a conference of the same name,  has some fairly substantial looking contributions from interesting people. These include a conversation between Alexander Galloway & Patricia Ticineto Clough, the ‘algorithmic agartha‘ paper by Nandita Biswas Mellamphy & Dan Mellamphy I’ve linked to before and (of particular interest to me at the mo) a paper by Melissa Gregg on speculative labour & app development. It’s edited by Svitlana Matviyenko, Nandita Biswas Mellamphy, Nick Dyer-Witheford, Alison Hearn, and Andrew Murphie.

Introduction

In William Gibson’s recent futurist novel The Peripheral, the planet has been devastated by a massive eco-techno-political catastrophe (‘the jackpot’) but remaining inhabitants are still able to enjoy the luxury of activating digital devices simply by tapping their tongues on the roof of their mouths. This touch is sufficient to set into play systems that communicate across space and time – enabling the establishment of connections back in time, for example, to people closer to our own present-day, for whom mobiles are still (somewhat) separate from the body. Thirty years ago, in his first novel Neuromancer, Gibson immortalised cyberspace with the account of what now sounds like an amazingly clunky process whereby the hero ‘jacks-in’ to virtual reality. But in The Peripheral the process of translation and transition into networks is streamlined – occluded, internal, intimate and implanted – right at the tip of the tongue.

This issue of the Fibreculture Journal explores a moment along this hypothetical trajectory by investigating the contemporary intersection of ‘Apps and Affect’, publishing papers from a conference of that name organised in October 2013 by faculty and students at Western University (specifically from its Faculty of Information and Media Studies and Center for the Study of Theory and Criticism). By recognising apps as objects that are related to the constitution of subjects, as a component of biopolitical assemblages, and as a means of digital production and consumption, our conference aimed to make an intervention in what had – since the announcements of the App-Store and the iPhone3 in 2008 – been a largely technical and rather technophiliac public discussion of apps.

Isn’t it paradoxical, we asked, that instead of becoming ‘transparent’ and ‘invisible’ – as envisioned by the thinkers of ubiquitous computing decades ago – the app-ecosystem manifests itself as permanent excess: excessive downloads, excessive connections, excessive proximity, excessive ‘friends’-qua-‘contacts’, excessive speeds and excessive amounts of information? How does the app as ‘technique’ (Tenner), indeed as ‘cultural technique’ (Siegert) and as ‘technics’ (Stiegler), channel our ways of maintaining relations with/in the media environment? Do the specific and circumscribed operations of individual applications foster or foreclose what media theorists call the transformative and transductive potential of collective technological individuation (Simondon)? How might we think about the social, political and technical implications of this movement away from open-ended networks like the internet towards specific, focused, and individualised modes of computing? Do apps represent ‘a new reticular condition of trans-individuation grammatising new forms of social relations’ (Stiegler) or do they signal instead the triumph of ‘regulatory’ networks over ‘generative’ ones (Zittrain)? If apps are micro-programs residing by the hundreds and thousands on cell-phones, mobile-devices and tablets, and affects are corporeal excitements (and depressions) running beneath and beyond cognition, what is the relation of apps to affects?

– See more at: http://twentyfive.fibreculturejournal.org/#sthash.6y9K3uyP.dpuf