Скачать или смотреть Is Finance Productive? Read "In Pursuit of Wealth"

Is money "barren," as Saint Augustine said, or is finance a productive enterprise? Listen to Yaron Brook discussing his new book, co-edited with Don Watkins, "In Pursuit of Wealth: The Moral Case for Finance."

Here's a transcript:

So even though throughout history people have viewed finance as unproductive, as insignificant, as indeed immoral, it turns out that finance, financiers, financial markets, financial institutions are necessary, are crucial, are a vital part of a productive economy.

Indeed, for human beings to flourish — flourish materially, be successful as we have been since the Industrial Revolution in producing vast amounts of wealth and raising our standard living, enhancing a quality of life and even extending a physical life — it is crucial that we have free, productive, successful financial markets and institutions and the financiers who make this possible.

So not only shouldn’t we view these people and institutions as villains, as the bad guys, they should be celebrated because of the degree to which they are responsible for all of the material success we as human beings have enjoyed over the last two hundred plus years.

Finance is responsible for the allocation of capital across the entire economy. It is responsible for taking your savings and investing them in productive activity, thus making it possible for you to save for the future and get a return on your money, and also for entrepreneurs to have the capital to be able to build businesses, to hire people, and to create the incredible array of products and services that we all take for granted.

There would be no automobile industry, no airline industry, no high-tech industry, no biotech industry today, without the existence of complex, sophisticated and relatively — relatively — free financial markets and institutions who discovered these entrepreneurs, were willing to take a risk on these entrepreneurs, allow these companies to grow by providing them with additional capital, making all the material wealth around us possible.

There is no industry more vital for human progress, more vital for human flourishing, than the financial industry. And if you want more details on, you know, what do hedge funds do? What do private equity funds do? Why is the stock market — why is trading in the stock market productive? Then read the book “In Pursuit of Wealth: The Moral Case for Finance,” where we try to get into all the details and all the specifics and articulate the case for the productive role of financial markets and institutions.

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