Why are banks so important in the economic system? - Study24x7
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22 Jul 2022 10:32 AM study24x7 study24x7

Why are banks so important in the economic system?

Banking
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  • Dev kumar

    • They’re not.
    In essence, banks do the identical things that each of their individual clients might do for themselves if they so desired: they store and lend money. They merely act as aggregators.
    If you want to make the case that this is "essential" in the sense that it adds a genuine efficiency improvement that is acceptable. However, this does not make them any more essential than any other product or sector of the economy.
    What is important, then?
    ·Land. Without land, nothing exists.
    ·Labor. Without labor (combined with land), real wealth does not exist.
    So just make sure to get your fundamentals right. Nothing is anything without land and labor, in that order.

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    Reply 26 Jul 2022 11:33 AM
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