That looks a lot more like reality than all the talk of impending financial singularity.

The Grossman-Stiglitz conundrum seems less compelling in the financial singularity if we can imagine that computers direct all the investment decisions.

The idea of financial singularity may seem inspiring; but it is no less illusory than the rational Utopia that inspired generations of central planners.

But the real problem with this vision of financial singularity is not the Grossman-Stiglitz conundrum; it is that real-world markets are nowhere close to it.

This imagined state of affairs might be called the " financial singularity", analogous to the hypothetical future technological singularity, when computers replace human intelligence.