Financiers versus Engineers: Should the Financial Sector be Taxed or Subsidized?
研究了存在生产外部性和金融约束的经济中，人力资本在企业家、工人和金融家之间的配置，发现第二优解下金融部门应与非金融部门同等征税，而补贴金融部门的效果取决于外部性来源。
I study the allocation of human capital in an economy with production externalities, financial constraints, and career choices. Agents choose to become entrepreneurs, workers, or financiers. Entrepreneurship has positive externalities but requires the services of financiers. In the second best solution, the financial sector should be taxed in exactly the same way as the nonfinancial sector. When direct subsidies to investment and scientific education are not feasible, subsidizing the financial sector increases growth if externalities are driven by physical capital as in Paul M. Romer (1986), and decreases growth if externalities are driven by human capital as in Robert E. Lucas, Jr. (1988).