Adam
Smith looked on bankers as if they were unproductive. Essentially
said they're parasites who kind of live off the value created by
others. Bankers - if you have a labor theory of value - it's hard to
see how bankers can be producing value.
Before
the 1970s, financial services were not included in the calculation of
gross domestic product (GDP). In other words, they were considered as
adding nothing to the total value of gross domestic product. Only
after 1970 did they get included, and now, of course, they're
considered to be great value producers. So, do financiers produce
value? This starts to become a very important kind of question.
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