As an example, todays VC environment would look quite different if interest rates were not near 0% and as a result, the products of this environment would also look quite different. Less resources in tech development = less tech development. Now, this is the result of central bank policy printing cash in an attempt to save a recession and spur growth and investors search for yield.

But lets think pre 2008 when the majority of the growth of the financial sector was from financial innovation/engineering - IRS, MBS, ABS, the whole option market!, to name a few - the type of growth that the professor is saying is not beneficial to society. Surely this growth also had an impact on our investment in technology through easier credit and better tools for risk mitigation.

So this poses two questions:

1. Without the fortunate/unfortunate (you decide) growth of our financial system, how would our world's tech stack be different? Would it?

2. Assuming that a smaller financial system would have less technology, is this better for society?

Edit: 2. Assuming that a world with a smaller financial system would have less technology, is this better for society?