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> it makes more money from financial shenanigans than providing the product or service recorded on it's business registration This seems to describe a lot of s
by derbOac 3y ago
> it makes more money from financial shenanigans than providing the product or service recorded on it's business registration
This seems to describe a lot of sectors of the economy, unfortunately
- A_D_E_P_T 3y agoFIRE is the largest slice of GDP (~20%), followed by services and government: https://www.statista.com/statistics/248004/percentage-added-to-the-us-gdp-by-industry/ https://www.statista.com/statistics/248004/percentage-added-... Legal services alone are about 3% of GDP. This understates things, perhaps, as it's unclear whether it captures the financialization of non-finance sectors. (e.g. auto leasing, and what the article in the OP describes.) Needless to say, this is historically unusual. And you don't need to go very far back in time to find a period where manufacturing was 25% of GDP and FIRE just 10%.
- oblio 3y agoReal estate has ballooned everywhere and I wonder what the real GDP growth is without it, since it should be a basic service everyone gets and the real value offered in many cases doesn't contribute anything to actual progress.