# Professor Thomas Philippon's research on the finance industry is referenced

1 Faculty News October 27, 2017 ![Institutional Investor logo](/sites/default/files/styles/246w/public/assets/images/con_032206.jpg?itok=XtTdDJtV)>

Excerpt from [Institutional Investor](https://www.institutionalinvestor.com/article/b15c8wrrrx390w/how-islamic-finance-can-save-the-global-economy) -- "As French economist [Thomas Philippon](http://www.stern.nyu.edu/faculty/bio/thomas-philippon) shows, the unit cost of financial intermediation is higher today than it was a century ago. All the improvements in information technology have been canceled out by trading activities with little social value. This is why a bloated finance industry has been shown to be a drag on productivity and real economic growth."

[Read more](https://www.institutionalinvestor.com/article/b15c8wrrrx390w/how-islamic-finance-can-save-the-global-economy)