We must take care not to throw the baby out with the bath water. Nor should the public discussion about financial stability let us lose sight of the benefits of a modern financial system. BIS central bankers’ speeches  1  The aforementioned Robert Shiller takes a similar view.
In his book Finance and the Good Society, he writes: “Finance, despite its flaws and excesses, is a force with the potential to help create a more prosperous and more equitable society”. There is much to suggest that a developed financial sector is good for a country’s welfare and economic progress.