Does Finance Do Any Good For Society?

Joe Pinsker, The Atlantic: Business
Thu, 02/05/2015 - 5:32am

After the Great Recession, finance has a gotten bad rap as a professional calling: A survey last December found that nearly half of Americans think that the financial system hurts the economy. Even among readers of The Economist—where bankers presumably have home-field advantage—a poll found that 57 percent disagreed with the statement that “financial innovation boosts economic growth.” Luigi Zingales, a professor of finance at the University of Chicago’s Booth School of Business, has been studying the public’s post-recession loss of faith in the financial sector.

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