Economics for the Common Good by Jean Tirole

Author:Jean Tirole [Tirole, Jean]
Language: eng
Format: epub, pdf
ISBN: 9780691175164
Publisher: Princeton University Press
Published: 2017-01-15T07:00:00+00:00

ELEVEN

What Use Is Finance?

Few subjects in economics arouse as much emotion as finance. Since the 2008 crisis, the ranks of its detractors have swelled considerably and its defenders have retreated. Everyone agrees that finance is still a major force in the economies of the developed world. But is that a good or a bad thing? To tackle this question, we first need to understand the point of finance, its uses, its dysfunctions, and its regulation. The role of the economist is to help mitigate market failures. So, after explaining the importance of finance in our societies, I will devote most of this chapter to trying to understand how it can cause problems and what the government can do about it. In the next chapter I will turn to the diagnosis of the financial crisis and the postcrisis situation.

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