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I am saying they occupied a disproportionate size of the economy relative to any potential they had to add value. Yes, they may have sold investments to those
by euroclydon 18y ago
I am saying they occupied a disproportionate size of the economy relative to any potential they had to add value.
Yes, they may have sold investments to those who wanted to invest, like the first commenter said, but that's just filling a need, not adding value to people's lives.
- gaius 18y agoHow does fulfilling a need not add value?
- RobGR 18y agoTake the lottery, for example. The economy hasn't routed around that, and it clearly does not add value to the economy or society. Yet it "fulfills a need" in the sense that people willingly seek it out, and in fact seek out illegal "numbers game" lotteries were no official one is allowed.
- gaius 18y agoBut it blatantly does. The National Lottery funds all sorts of stuff ranging from arts to athletics and provides a form of entertainment in and of itself. People who don't wish to participate don't, yet it is still very popular.
- euroclydon 18y agoClearly it's subjective. Hitmen fulfill a need too. My main point was that the HN community should look on the financial industry's shrinkage as a positive thing, b/c they didn't provide value commensurate with their size, and they were doomed to crash, unlike other industries, like say, e-education that would provide tremendous value to our civilization.