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Re:'Wild West' mentality lingers in modern populations of US... by PaulDavisThe1st on Tuesday September 08, 2020 @07:57PM (#24415055)
David Graeber (RIP) and others would seriously question whether the financier even does anything for the economy, let alone society.
Re:'Wild West' mentality lingers in modern populations of US... by WalterBright on Tuesday September 08, 2020 @10:53PM (#24416449)
A financier works to efficiently allocate resources in the economy, which is very valuable.
Re:'Wild West' mentality lingers in modern populations of US... by bumby on Thursday September 10, 2020 @02:59PM (#24435444)
Right, valuable to the economy. But my original point is that “what is valuable to the economy” and “what is valuable to society” may be divergent
Re:'Wild West' mentality lingers in modern populations of US... by bumby on Tuesday September 08, 2020 @08:13PM (#24415191)
I think the argument is they provide liquidity to an economy, but I’m not sure how that it translated to a value assessment
Re:'Wild West' mentality lingers in modern populations of US... by titzer on Tuesday September 08, 2020 @09:59PM (#24415981)
On one end of the spectrum, they make capital available to businesses in order for them to bootstrap and expand. They pick winners and losers and make decisions that significantly alter the course of economic development.

On the other end of the spectrum, they gamble on tulips. https://en.wikipedia.org/wiki/Tulip_mania

There's everything in-between. Factor in the universal human tendency for self-delusion, and you got tulip pushers who think they are moving the pillars of world.

Re:'Wild West' mentality lingers in modern populations of US... by PaulDavisThe1st on Tuesday September 08, 2020 @10:33PM (#24416263)
The counter argument (Mariana Mazzucato in particular) is that they extract value rather than create value, and this, like all other value extraction, is a net harm.