"Finance: Function Matters, not Size" This is the new title of the published version of "The Size of Finance," which I posted on this blog here as a working paper. If you enjoyed the original, here is the better final version. If you didn't, here it is all fresh and new.
Published version (my webpage)
Published version (Journal of Economic Perspectives)
Growth of the Financial Sector" symposium (Journal of Economic Perspectives)
Wednesday, May 8, 2013
1 comment:
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my list of reasons for high fee persistence:
ReplyDeleteover regulation - federal, state, treasury, Fed, SEC, CFTC, etc.
agency problems - "when 2 people decide on how to spend a third persons money fraud results" (see first reason e.g. ERISA)
"utility for gambling" - or hope springs eternal. the whole industry disseminates biased information. its costly to discover the unpleasant reality that its all a lie.
and besides I might be one of the lucky ones ; )
Paul