How much value does the financial industry create? That is the question asked by John Cochrane in this recent draft essay (non-PDF version here), in response to a recent Journal of Economic Perspectives article by Robin Greenwood and David Scharfstein. Both should be required reading for any introductory finance class. There is so much in these essays that one post couldn’t hope to adequately cover the topic, so don’t expect this to be anything resembling a complete response.
How Much Value Does the Financial Industry Create?
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