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PK: 経済における金融部門の役割を下げないといけない

 PKがここここで喧伝したニール・ファーガソンも参加したシンポジウムのトランスクリプト。私が興味深いと思ったのは下記。

P.K.: I think there are two big structural changes that we'd want to see. One is we need to reduce the role of the financial sector in the economy. We went from an economy in which about 4 percent of GDP came from the financial sector to an economy in which 8 percent of GDP come from the financial sector, and in which at its peak 41 percent of profits were being earned by the financial sector. And there is no reason to believe that anything productive happened as a result of all of that. These extremely highly compensated bankers were essentially just finding new ways to offload risks on to other people.

As I've written, we need a boring banking sector again. All of this high finance has turned out to be just destructive, and that's partly a matter of regulation. But in the political economy there was also a vicious circle. Because as the financial sector got increasingly bloated its political clout also grew. So, in fact, deregulation bred bloated finance, which bred more deregulation, which bred this monster that ate the world economy.

さぁ、ということはWSの人々が、農業か製造業に行くの?creditless recoveryにおいて、資源再配分がどのように起こったのかが興味深い。

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