Luigi Zingales on the Costs and Benefits of the Financial Sector

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4.7 • 4.4K Ratings

🗓️ 2 February 2015

⏱️ 62 minutes

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Summary

Luigi Zingales of the University of Chicago talks with EconTalk host Russ Roberts on whether the financial sector is good for society and about the gap between how banks and bankers are perceived by the public vs. finance professors. Zingales discusses the costs and benefits of financial innovation, compares the finance sector to the health sector, and suggests how business education should talk about finance to create better behavior.

Transcript

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0:00.0	Welcome to Econ Talk, part of the Library of Economics and Liberty.
0:06.4	I'm your host, Russ Roberts of Stanford University's Hoover Institution.
0:11.0	Our website is econtalk.org where you can subscribe, comment on this podcast, and find links
0:16.3	and other information related to today's conversation.
0:19.0	You'll also find our archives where you can listen to every episode we've ever done
0:23.1	going back to 2006.
0:25.4	Our email address is mailadycontalk.org.
0:27.9	We'd love to hear from you.
0:32.0	Today is January 26th, 2015, and my guest is Luigi Zingales, the Robert C. McCormick Distinguished
0:40.4	Service Professor of Entrepreneurship and Finance at the Booth School of Business at the
0:45.1	University of Chicago.
0:46.4	We're going to be talking about his recent paper, Does Finance Benefit Society?
0:53.0	And that's, I think, with a question mark, not an exclamation point, but it's a question
0:57.9	mark at the end of that phrase.
1:00.0	Luigi, welcome back to Econ Talk.
1:02.5	Thank you.
1:03.5	Now, as I said, it could be, Does Finance Benefit Society with an exclamation point?
1:09.5	But you're starting with some skepticism, and you start with the discrepancy between
1:15.6	what academics think of the financial sector relative to what the public thinks of it.
1:22.2	And I want to begin with the academic perspective.
1:24.6	What do economists and professors of finance typically think of the financial sector and
1:29.6	its contributions?
	...

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