Word: economice
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From the beginning, I wanted an album that was dancy and fun. I wanted to have fun with this, and I want people to have fun with it as well, to forget about the economic crisis at least for 10 seconds on the dance floor.
Over the past decade, though, reality took a detour from Philippon's theory. Corporate America's need for outside financing fell, but the financial sector refused to shrink; it pumped out ever riskier products until the system nearly collapsed. Why the refusal? Maybe the pay was too good. Philippon and...
With Goldman Sachs employees on track for their best bonus year ever, the investment bank's executives have been making the case that their bounty is good for all of us. "We contribute to growth," CEO Lloyd Blankfein said at a breakfast put on by FORTUNE. "Once the economy starts...
Let's just say the evidence is mixed. There's lots of research showing that the economies of countries with vibrant financial sectors grow faster than those of countries without them. So banks and financial markets do enable prosperity. But as we emerge (we hope) from a deep economic downturn...
If there were a simple correlation between financial-sector growth and economic growth, Philippon reasons, finance's share of the economy would stay constant. But when he examined data back to 1860, he found that finance's share of GDP varied widely. It ballooned in the late 19th century, shrank...