# #
The Human-Free Firm: Why Full Automation Hits a Wall

The Human-Free Firm: Why Full Automation Hits a Wall

From boardroom keynotes to Silicon Valley manifestos, the “human-free firm” is hailed as the ultimate efficiency—an enterprise run entirely by algorithms, free of human bottlenecks. Yet what if this vision obscures a deeper reality? What if beyond a certain point,...
From Animal to Machine Spirits

From Animal to Machine Spirits

Abstract Modern financial markets operate as complex adaptive systems populated by human and algorithmic agents interacting under microsecond latencies and codified microstructure rules. We argue that neoclassical equilibrium models cannot account for two endogenous...