Does finance get the best, brightest, and least productive people?

Robert Shiller in his recent column:

economic research has not yet permitted us to estimate the value to society of so many of our best and brightest making their careers in the currently popular kinds of “other finance.” Speculative activities have plusses and minuses, much that is good and some that is bad, and these are very difficult to quantify. We need to be very careful about regulations that impinge on such activities, but we should not shy away from making regulations once we have clarity…

Quotes interesting recent research questioning the true value of finance careers..

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