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This is unfair, finance is basically an abstraction over our resource constrained world. We didn't get to choose not to live in a world with limited supplies of
by hacker_9 9y ago
This is unfair, finance is basically an abstraction over our resource constrained world. We didn't get to choose not to live in a world with limited supplies of everything, and removing money from the equation doesn't change that constraint.
Given that we've chosen money as our method of resource allocation, it makes sense people who want access to more resources would try to optimise their profit building strategies, and smarter people are going to make better choices. It is why financial hubs, such as London or New York, have more resources to play with and so can provide a higher quality of living.
- dreamdu5t 9y agoPeople aren’t talking about money itself, they’re talking about hedge funds and prop shops and traders, which didn’t exist prior to the 70s and even Wall Street traders weren’t trading pure securities until the early 1900s (it was slaves and real shares before then) Economy worked just fine without the quants, and ever since trading has been a major segment of Wall Street they’ve completely crashed the markets three times and had to be bailed out by the fed (1929, 1973, and 2008). If you take the capital allocation justification at face value they suck at it. They’re losers underwritten by the government not winners smartly allocating capital.