Complex Systems with Patrick McKenzie (patio11)
Episodes
Cheap cognition, supercharged surveillance, and AI risks, with Garrison Lovely
Patrick McKenzie and a guest discuss AI’s impact on labor, arguing that LLMs are automating high-value cognitive tasks like coding.
What you're actually getting paid in, with Leila Clark
Patrick McKenzie and Layla discuss compensation beyond salary, arguing that careers offer diverse currencies like status, autonomy, and culture.
What LLMs can and can't do for writers, with Clara Collier of Asterisk Magazine
Patrick McKenzie and Clara Collier discuss the ethical use of LLMs in journalism, arguing that while writing is thinking, AI can aid research and critique without replacing human insight.
YouTube economics now, with Justin Kuiper
Patrick McKenzie discusses the economics of YouTube, explaining how creators monetize through AdSense CPMs and brand deals, often evolving into sophisticated businesses that hire specialized talent.
The structural footprint of a bank run
Patrick McKenzie analyzes the 2023 banking crisis, arguing that regional banks failed because they sold their "deposit franchise" natural hedge against interest rate risk.
Forty ways to pay for coffee in Japan
Patrick McKenzie revisits his 2021 essay on Japanese payments, offering updates on the nation’s rapid shift from cash to digital transactions.
The factory behind your home loan
Patrick McKenzie reads his essay "Mortgages are a Manufactured Product," arguing that mortgages function like industrial widgets rather than simple bank loans.
How brokerage transfers actually work
Patrick McKenzie explains ACATS, the system for transferring brokerage assets, highlighting its reliance on trust over verification and the resulting fraud risks.
Wrong numbers and why they survive, with Aaron Brown
Patrick McKenzie interviews Aaron Brown, author of *Wrong Numbers*, about institutional failures in data interpretation and the lack of accountability in scientific and media reporting.
Defendant, Censor, Politico, Spy
Patrick McKenzie details how the SPLC-led "Change the Terms" coalition pressured tech and financial firms from 2017 to 2023 to censor speech and cut off funding to targeted groups.
How the SPLC became financial infrastructure
Patrick McKenzie analyzes how the Bank Secrecy Act enables white-collar prosecutions, using the Southern Poverty Law Center’s bank fraud indictment as a case study.