Faculty News | New York Times | 28
The Perils of Feeding a Bloated Industry
Re: Robin Greenwood & David Scharfstein
Assessing the nature of that growth and whether it has benefited society is the subject of powerful new research by David Scharfstein and Robin Greenwood, professors at Harvard Business School. In their study, "The Growth of Modern Finance," the professors delve into figures showing that the financial industry accounted for 7.9 percent of the nation's gross domestic product in 2007, up from 2.8 percent in 1950 and 4.9 percent in 1980.