3 ms·
I think it's implicit that the 'trillions of dollars of value' are dollars of actual value, like purchases of goods and services that people actually want. Your
by ajkjk 9y ago
I think it's implicit that the 'trillions of dollars of value' are dollars of actual value, like purchases of goods and services that people actually want. Your parable is amusing, but not analogous at all. Of course if each economist extracted >$20,000 of sadistic pleasure out of the other eating poop, then, in fact, there was a net benefit to both of them. (But sadistic or capricious behavior throws a big wrench into economics, anyway...)
- natural219 9y agoWhy is that implicit? The economy seems full of huge transactions that have nothing to do with the quality of people's lives. I feel like this is... a pretty obvious position to arrive at if you start critically examining the types of transactions that take place, especially at the tops of finance. Some finance whiz is going to claim that derivatives, credit default swaps, and billions made from LIBOR rigging somehow benefits the common man. Many people actually believe this!
- deleted 9y ago[deleted]