It is a matter of fierce dispute why banker pay swelled. Financiers are apt to blame it on the increased importance and complexity of finance: in a world of technological change and globalisation, so the argument goes, you need bright, highly skilled bankers. Many economists such as Mr Philippon, however, reject that. He reckons at least half of the pay jump represents "rent seeking" (skimming off fees), not innovation. "The technological development of the past 40 years (with IT in particular) should have disproportionately increased efficiency," he observes, noting that in companies such as Walmart, "efficiency" has reduced wages.
人们就银行家薪酬大幅上升的原因展开了激烈的争论。金融家们倾向于将薪酬激增归因于金融业的重要性和复杂性提高了。他们论证道,一个以技术变革和全球化为特点的世界,需要聪明、技能高超的银行家。但许多经济学家,例如菲利蓬,却不认同这种观点。菲利蓬认为,至少有一半的薪酬上升反映的是“寻租”(即攫取费用),而不是创新。他说:“过去40年中的技术发展(尤其是IT领域的发展),应当已经在很大程度上提高了效率。”他指出,在沃尔玛(Walmart)等企业,“效率”压低了工资水平。
The crucial question, though, is whether history might repeat itself and produce a big pay swing, as in the post-war years. Right now, it seems hard to imagine; after all, the experience of the past few decades has made it seem almost normal for bankers to be highly paid.
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