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Finance and the Good Society by Robert J. Shiller

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Chapter 10

Lawyers and Financial Advisers

Lawyers and financial advisers are fundamental to financial capitalism because they provide information that is tailored to their clients’ complex needs. Richard J. Murnane and Frank Levy, whose theory of the role of labor in modern society was discussed in the introduction, chose law as a prime example of an occupation that will not be replaced by computers. They chose it because the practice of law essentially depends on both expert thinking and complex communication. The same is true of financial advisers.

Efforts to create expert-thinking web sites to help people make financial decisions have not entirely succeeded. The mechanization of financial and legal advice with online expert systems is a new ...

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