托賓：金融是浪費人才啊_邹恒甫

In a remarkable lecture given in 1984, near the beginning of the boom, James Tobin, a Nobel laureate, puts the case. His conclusion is worth quoting:

I [suspect] we are throwing more and more of our resources, including the cream of our youth, into financial activities remote from the production of goods and services, into activities that generate high private rewards disproportionate to their social productivity. I suspect that the immense power of the computer is being harnessed to this ‘paper economy’, not to do the same transactions more economically but to balloon the quantity and variety of financial exchanges…I fear that, as Keynes saw even in his day, the advantages of the liquidity and negotiability of financial instruments come at the cost of facilitating nth-degree speculation which is short-sighted and inefficient.

托賓：金融是浪費人才啊

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