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Are Those in Finance More Free-Market?

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Are Those in Finance More Free-Market?

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Mike McComb Posted: Mon, Mar 21 2011 9:10 PM

  Hello.  After perusing through many discussions on this forum I have a general question regarding those who study finance and/or financial economics.  Is it the case that financial economists, and financiers are more free-market (whether in academia, media, etc.) relative to general micro and macro economists?

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DanielMuff replied on Mon, Mar 21 2011 10:26 PM

More free market than the average English teacher? Probably. However, there are many people in finance who are Keynesians, so they favor statist interventions.

To paraphrase Marc Faber: We're all doomed, but that doesn't mean that we can't make money in the process.
Rabbi Lapin: "Let's make bricks!"
Stephan Kinsella: "Say you and I both want to make a German chocolate cake."

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Mike McComb replied on Mon, Mar 21 2011 11:55 PM

  I knew that many would be interventionists.  I just wonder if the average person in finance is less interventionist.

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filc replied on Tue, Mar 22 2011 12:08 AM

incidentally my little sister is a CPA and works for a large international accounting firm. She is also starting to play the entrepreneur roll on the side. She is constantly networking and making plans for new business opportunities. She has a new biz potentially starting up soon. She is borderline anarchist, likely without realizing it, with a strong dose of Randian individualism.  I'm so proud of her! OK Thats all!

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TANSTAAFL replied on Tue, Mar 22 2011 11:19 AM

My experience at university leads me to believe no.

 

They tend to be for intervention and think that "pure capitalism" is somehow broken.

 

 

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Consumariat replied on Tue, Mar 22 2011 11:28 AM

Never met anyone in finance, but the fact that the financial sector just recieved the biggest bailout in history I would guess that they are pretty much in bed with the state. It's Socialism for the rich, Capitalism for the poor.

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liberty student replied on Tue, Mar 22 2011 11:37 AM

Mike McComb:
Is it the case that financial economists, and financiers are more free-market (whether in academia, media, etc.) relative to general micro and macro economists?

I believe so.

"When you're young you worry about people stealing your ideas, when you're old you worry that they won't." - David Friedman
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Jon Irenicus replied on Tue, Mar 22 2011 3:21 PM

Ditto. At least it's been my experience with my finance and economics professors. All but one of them is libertarian but they're definitely rather market-oriented. I tend to think finance professors "get" markets better than most economics ones, though, as in they're well aware of how financial markets foster efficiency and pay greater attention to the complexity of the structure of production.

Freedom of markets is positively correlated with the degree of evolution in any society...

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Caley McKibbin replied on Tue, Mar 22 2011 6:01 PM

It is definitely true.  People with pro-market stance are more likely to choose that career, whereas those with anti-market stance avoid it and also slightly avoid patronizing its service.

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Hard Rain replied on Tue, Mar 22 2011 6:13 PM

From my own personal experience: they're market-orientated, but they certainly don't mind rent-seeking, regulatory capture and state privileges.

"I don't believe in ghosts, sermons, or stories about money" - Rooster Cogburn, True Grit.
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