Banking and finance roundup


  • Economists have no way to measure the value created by the banking sector? Horrors! Without some means of declaring what, if any value, a bank creates, how is an economist supposed to be paid for that declaration?


  • I think of the financial sector as the lubrication system for the society. It doesn’t do anything really productive, but it makes sure that the productive bits can function. Like the oil in an engine that does no real work, but makes sure that the moving parts do not grind to a halt. It is very hard to ascribe a value to these things, but they are certainly very valuable.

  • See also — accounting, law, real estate brokers, and the list goes on