In an opinion piece today in the Wall Street Journal, Harvard Business School dean Nitin Nohria took issue with the core premise of my new book, Makers and Takers: The Rise of Finance and the Fall of American Business: that as finance has nearly quadrupled in size as a percentage of the U.S. economy over the last several decades, economic growth has slowed. Nohria argues that “Wall Street remains a fundamentally value-creating enterprise.” To a large degree, the statistics simply don’t back him up.
