Word: financees
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Until recently, economists had done shockingly little work in this area. "Nobody had looked at the flip side, which is, Can there be costs?" says Thomas Philippon, a young Frenchman who teaches finance at New York University's Stern School of Business. "That is because it's harder to measure...
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...
The 1960s were by most measures the best decade ever for growth and widening prosperity in the U.S.; the past decade has been a bust. Yet the financial sector was relatively tiny in the 1960s and huge in the 2000s. Could this mean that good times for finance are bad...
So we'd probably be better off with a smaller, less-well-remunerated financial industry than the one we've had. Exactly how much smaller? "I've done what I could, but it's not like I've found the right formula, that finance should be 6.65% of GDP," jokes...
A Sunni rebel group claimed responsibility for the meticulously planned twin suicide bombings on Oct. 25 that killed more than 155 people, including 30 children, just outside Baghdad's Green Zone. The attack--Iraq's deadliest since April 2007--circumvented the stringent security measures in the city's heavily protected...