Logic of Finance Can Banish Corruption: Robert Shiller

March 8 (Bloomberg) -- The economic power that some in thefinancial community attain bothers many people deeply. Itoffends our ideal of a society that aspires to respect,appreciate and support everyone. The pursuit of power that oftendrives financial capitalism seems contrary to the concept thatfinance should be about the stewardship of society’s assets.

Yet successful societies develop elites partly because theyneed leaders with the power to get things done. We have to makeit possible for a relatively small number of people to use theirpersonal judgment to direct our major activities. A system offinancial capitalism will eventually imbue those in possessionof such faculties with wealth and power.