Why the world would be a less prosperous place without bankers.
We take up this news for your reading and reflection:
Disdain for financial activities is firmly ingrained in human nature, as reflected in the social doctrine of many religious, philosophical and political systems.
The ultimate cause of this suspicion lies in the fact that banking deals with dimensions (risk and time calculation) in which the individual’s ideas and decisions are especially plagued by cognitive biases that cloud good judgment.
Financial activity, and therefore banking and other institutions through which said activity is channeled, is as essential to the well-being of any society as it is poorly understood by the vast majority of citizens. In times of economic boom, public opinion ignores or silences its decisive contribution to social prosperity, and in times of crisis it is held responsible for (almost) all of society’s economic ills.
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