but anyway there is this kind of skepticism of what is finance actually doing and so in the 1970 s. which is when deregulation and some other changes the size of the financial sector started to become larger where you had was that the people who were doing the systems of the national accounts s.n.a. inside the united nations started to say i got this thing that s growing larger and larger in the economy isn t even being accounted for so instead of pausing and saying oh dear why is that what is this thing this blob actually doing they just came up with a justification for including it so investment banking was included under the term risk taking that it was a service for risk taking remember that when you include things into the national accounts you have to kind of say what it is doing so in the u.s. as national income and product accounting so all of this is suddenly stuffed into the g.d.p. figures out without any kind of value judgement is it actually producing something or
risk taking that it was a service for risk taking remember that when you include things into the national accounts you have to kind of say what it is doing so in the u.s. as national income and product accounting so all of this is suddenly stuffed into the g.d.p. figures out without any kind of value judgement is it actually producing something or is it just moving things there when you maybe want your virgil to each other or up a little newspaper and it s talking about basically g.d.p. growth is all that we can hope for for you without booze using this sort of massive well let me give you a little test. what happens if someone is cleaning your house let s not make this under a civic and then you marry that man. what happens to g.d.p. before it falls and if you pollute. we all in the river so all the strain the only shows or things that only the only things that we pay for get included just explain the pollution yeah so when we pollute g.d.p. nothing happens to it only once w
business and i thought to myself how can it be that we ve gotten to the point where even the labor party which is about work labor doesn t you know doesn t actually have a narrative a way to talk about values collectively created and they confuse the word wealth creation with business because in the book you talk about lloyd blankfein fully of goldman sachs saying that your productiveness comes from organizations like goldman sachs it s like we re always told this is he of london s a little wall street you know it s creates value yeah but what do you know what s interesting is that up until the 1970 s. the financial sector wasn t even included in g.d.p. it was actually seen as just a transfer of the existing value from one place to another kind of like you wouldn t include social security payments it s just a transfer and before that in fact the way we would talk about finance was also in terms of rent so the classical economist talked about in terms of unearned income it lit
wealth creation with business because in the book you talk about lloyd blankfein fully of goldman sachs saying value all productiveness comes from organizations like goldman sachs it s like we re always told this is the of london s a little wall street you know it s creates value yeah but what do you know what s interesting is that up until the one nine hundred seventy s. the financial sector wasn t even included in g.d.p. it was actually seen as just a transfer of the existing value from one place to another kind of like you wouldn t include social security payments it s just a transfer and before that in fact the way we would talk about finance was also in terms of rent so the classical economist talked about in terms of unearned income literally just moving stuff around which of course isn t true of all the finance but anyway there is this kind of skepticism of what is finance actually doing and so in the one nine hundred seventy s. which is when with deregulation and some
the point where even the labor party which is about work labor doesn t you know doesn t actually have a narrative a way to talk about values collectively created and they confuse the word wealth creation with business because in the book you talk about lloyd blankfein fully of goldman sachs saying that your productiveness comes from organizations like goldman sachs it s like we re always told this is he london s a little wall street you know it s creates value yeah but what do you know what s interesting is that up until the one nine hundred seventy s. the financial sector wasn t even included in g.d.p. it was actually seen as just a transfer of the existing value from one place to another kind of like you wouldn t include social security payments it s just a transfer and before that in fact the way we would talk about finance was also in terms of rent so the classical economist talked about in terms of unearned income it literally just moving stuff around which of course isn