Prof. Shiller writes a defense of financial engineering but fails to show that there are real benefits to the schemes devised on Wall Street. He should've done a "before/after" analysis of some innovation to show how it benefited the economy. In the past, Alan Greenspan also spoke well of financial engineering but like Shiller, he never came out with an analysis.
If these things are so damn good, it should be easy to demonstrate.
Monday, September 28, 2009
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