From Paul Wilmott in yesterday’s NYTimes:
If banking moves from London to Switzerland, that will really hit tax revenues. For I am not at all sure what Britain does anymore. We don’t really make much. The last piano manufacturer moved production offshore a few months ago. Even Savile Row suits are made in Italy. No, the nation seems to exist solely to shuffle money around, and it’s got that gig only because of the universality of the English language and its convenient time-zone location.
When I briefly worked in investment banking, the same idea frequently popped in my head: What exactly is being produced here that is so valuable? I doubt it was our spreadsheets, however attractive in appearance they might have (no gridlines!).
“No Gridlines!”
Hey Flood,
I like to stop by your blog every few weeks and catch up on your progression. Its fun to read about! This post was something I can relate to. I often think about the “value” I create in consulting – a spreadsheet, a deck? Useful information (sometimes!), but its still not that tangible. I’m a step removed from just “moving money”, but it isn’t that far.
But, if the work isn’t “valuable” as I perceive it, why is so much money put into it? Why does our economy pay for bankers, business leaders, or consultants? Do I not know all the information? Maybe I’m missing something?
Let’s assuming I do have all the information, and if that is the case then I guess my definition of “value” doesn’t always line up with a capitalistic or economic definition of value. It’s worth realizing, though, that clearly not everyone shares the same definition of value. Is there one right definition of value?
I won’t be able to make it to Dewitt for the bar tomorrow night, but I hope you’re well!
Eric
p.s. someone made the point of calling out “no grid lines” to me the other day. Your line made me laugh.