Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 9, 2022 erstellt
Beschreibung:
An important literature emphasizes that finance grew rapidly after WWII relative to the full economy and the services sector, but these are poor benchmarks because they mask a broad structural shift from low- to high-skill services. We show that: i) finance is among the most skill-intensive service industries, ii) the evolution of the finance income share closely tracks other high-skill service industries, and iii) finance grew slower than the rest of high-skill services over the past 50 years. The rise of modern finance is not as remarkable as prior research suggests, providing context for debates about the size of finance