Von Robert Shiller

In den Vereinigten Staaten gingen im Jahr 2012 7,4% aller Zahlungen an Arbeitnehmer an Mitarbeiter in der Finanz- und Versicherungsbranche. Ob dieser Prozentsatz nun zu hoch ist oder nicht: Das eigentliche Problem liegt darin, dass dieser Anteil unter den am besten ausgebildeten und fähigsten Menschen noch höher ist – und deren Aktivitäten dann in wirtschaftlicher und sozialer Hinsicht nutzlos oder gar schädlich sind.

Bei einer Untersuchung von US-Eliteuniversitäten fand Catherine Rampell heraus, dass 2006, direkt vor der Finanzkrise, 25% der Abgänger der Harvard University, 24% derjenigen von Yale und sogar 46% der von Princeton ihre Karrieren im Finanzdienstleistungssektor begannen. Diese Prozentsätze sind seitdem etwas zurückgegangen, aber dabei könnte es sich um einen vorübergehenden Effekt der Krise handeln.

Einer Studie von Thomas Philippon und Ariell Reshef zufolge fand ein Großteil der Steigerung der Finanzaktivitäten in den spekulativeren Bereichen statt, was auf Kosten des traditionellen Finanzwesens ging. Zwischen 1950 und 2006 ging die Kreditvermittlung (Kreditvergabe einschließlich des traditionellen Bankwesens) relativ zum „sonstigen Finanzwesen“ (darunter Handel mit Wertpapieren oder Rohstoffen, Wagniskapital, Private Equity, Hedgefonds, Trusts und andere Investitionsaktivitäten wie das Investment-Banking) zurück. Darüber hinaus stiegen die Löhne bei den „sonstigen Finanzen“ im Vergleich zur Kreditvermittlung stark an.

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