Re:For the Love of Money
by thatthatis on Monday January 20, 2014 @11:44AM
(#7090382)
Do you think the same is true of property and casualty insurance?
If not, why do you believe insurance mechanisms are damaging in finance?
1. There would be a substantial impact... for the better. You and I would see the benefit as lower spread between cost of production and price of purchase of goods and services (the spread is where the "financial wizards" take must come from).
There is a huge benefit from proper distribution of resources - which used to be the job of financiers and brokers. But now, they work not on "proper distribution", but rather on "distribution which is the most profitable for themselves".
2. And if the "financial wizards" did not go "away", but instead into professions where their intellect could be used for good instead of for evil (e.g.: science), that would be even better.