<p>Bankers that choose between borrowers wishing to borrow for productive investment are doing a an important and difficult job that benefits the economy. Sadly this only accounts for a small proportion of bankers.</p>

<p>Bankers that choose between borrowers wishing to borrow to purchase pre-existing unproductive assets are not doing a very useful job, indeed much of their work does positive harm to the economy. Sadly this accounts for the majority of bankers.</p>

<p>The banking sector is probably four or five times bigger than what would be optimal for the sake of the economy.</p>

<p><strong>EDIT:</strong> <a href="https://en.wikipedia.org/wiki/Adair_Turner,_Baron_Turner_of_Ecchinswell" rel="nofollow">Adair Turner</a> has said similar things in many places, including <a href="http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6096546/City-is-too-big-and-socially-useless-says-Lord-Turner.html" rel="nofollow">here</a>.</p>

<p><strong>EDIT:</strong> and <a href="https://www.cass.city.ac.uk/__data/assets/pdf_file/0006/77136/Adair-Turner-March-2011.pdf" rel="nofollow">here, with more detail</a>.</p>

CC BY-SA 3.0
2016-08-19T08:48:20.763Z
This answer seems to be based purely on personal opinion. Would you mind backing up your statements with some references?
Giskard
CC BY-SA 3.0
2016-08-19T12:22:02.397Z
@denesp: See edit.
Mick
CC BY-SA 3.0
2016-08-19T12:52:33.787Z
This answer seems to be based on the personal opinion of Adair Turner. His opinion may be well founded, but we do not know, because neither the answer nor the link contains any reasoning. Could you please include some references to studies or models that support your claim?
Giskard
CC BY-SA 3.0
2016-08-19T13:59:27.257Z
@denesp: how about the added link?
Mick
CC BY-SA 3.0
2016-08-19T08:18:43.497Z
2016-08-19T14:01:48.673Z
2016-08-19T14:01:48.673Z
Mick
<p>Does the finance system matter? Do bankers have important and difficult jobs that protect against destroying the economy from some paperwork reason?</p>

CC BY-SA 3.0
2016-08-19T08:19:04.167Z
A payments system matters, and requires liquidity provision.  A system for transforming savings by some into investment by others matters.
Henry
<finance>
Do bankers have important and difficult jobs?
D J Sims
# Do bankers have important and difficult jobs?

(Asked by: username_0 on 2016-08-19)

Does the finance system matter? Do bankers have important and difficult jobs that protect against destroying the economy from some paperwork reason?

**Tags:** finance
> **Comments:**
> **username_1**: A payments system matters, and requires liquidity provision.  A system for transforming savings by some into investment by others matters.  

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## 1 answers

### Answer by username_2 on 2016-08-19. Score: 1 | Accepted answer

Bankers that choose between borrowers wishing to borrow for productive investment are doing a an important and difficult job that benefits the economy. Sadly this only accounts for a small proportion of bankers.

Bankers that choose between borrowers wishing to borrow to purchase pre-existing unproductive assets are not doing a very useful job, indeed much of their work does positive harm to the economy. Sadly this accounts for the majority of bankers.

The banking sector is probably four or five times bigger than what would be optimal for the sake of the economy.

**EDIT:** [Adair Turner](https://en.wikipedia.org/wiki/Adair_Turner,_Baron_Turner_of_Ecchinswell) has said similar things in many places, including [here](http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6096546/City-is-too-big-and-socially-useless-says-Lord-Turner.html).

**EDIT:** and [here, with more detail](https://www.cass.city.ac.uk/__data/assets/pdf_file/0006/77136/Adair-Turner-March-2011.pdf).

> **Comments:**
> **username_3**: This answer seems to be based purely on personal opinion. Would you mind backing up your statements with some references?  
> **username_2**: @denesp: See edit.  
> **username_3**: This answer seems to be based on the personal opinion of Adair Turner. His opinion may be well founded, but we do not know, because neither the answer nor the link contains any reasoning. Could you please include some references to studies or models that support your claim?  
> **username_2**: @denesp: how about the added link?  

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