I just coined a new usage for an older term in collaboration with my intellectual companion (the characterization I prefer) called Claude, for both transformers of the AI variety and markets of the general bazaar kind. The term is Utility Ordering Engine. It orders usefulness and it's Magic. Both markets and transformers are composed of mechanical, mathematical, elements which transform magically into higher order functions.
Markets magically transform self-interested transactions into production schedules addressing the public good by price determined (utility x scarcity) profit seeking and opportunity cost which are three ordering dimensions.
Transformers magically analyze and generate patterns by the use of ‘attention’, or less connotative of human cognition, ‘selection’, the process by which weights are attached to certain elements, words or tokens in the case of LLMs, in a probability exercise determining which word or token comes next in generating sensible conversation which is only one computationally constrained ordering dimension.
The magic is in the gestalt change from transactions to production schedules or from word or token probabilities to conversations. The magic is in moving through the layers, the substrate of production schedules being transactions and the substrate of conversations being probability determined words or tokens.
Markets are spooky complex compared to simple but scary AI, both of them being Utility Ordering Engines but with differing complexity.
Do Well and Be Well
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