To put it in practical language, too many PhD physicists, mathematicians and engineers working on options pricing and designing structured products could lower, rather than increase, the productive capacity of the economy. 22  See for example the recent conference on The Future of Finance at <http://www.futureoffinance.org.uk>, and particularly the papers by Turner (2010) and Haldane (2010).
8  BIS Review 107/2010  For finance is not, for the community, an end in itself. It is a means to an end. Ultimately it is about mobilising and allocating resources and managing risk and so on – providing the five outputs I listed earlier.