How much personal stress--and, some argue, increased inequality, which may be a byproduct of a highly competitive, high-octane economy--have we as a nation chosen? Is the amount compatible with the level of domestic saving and possibly the risk-taking that is consonant with the elevated level of productivity growth necessary to meet the needs of an aging population?
A national consensus on these questions is clearly missing. This is doubtless an area for useful debate. Regardless of the outcome of that debate, there can be little disagreement that an efficient banking system and sound financial markets will be critical in directing our scarce national saving into the productive investments that will provide the wherewithal to meet our future needs.