study concluded that the U.S. financial sector has grown so large that it is slowing economic growth. New York University economist Thomas Philippon supported those findings, estimating that the U.S. spends $300billion too much on financial services per year, and that the sector needs to shrink by 20%. Harvard University and University of Chicago economists agreed, calculating in 2014 that workers in research and development add $5 to the GDP for each dollar they earn, but finance industry workers cause the GDP to shrink by $0.60 for every dollar they are paid. A study by the Bank for International Settlements reached similar conclusions, saying the finance industry impedes economic growth and research and development based industries. Historical statistics List of state and territory economies State and federal district economies Territory economies Economy of American Samoa Economy of Guam Economy of the Northern Mariana Islands Economy of Puerto Rico Economy of the United States Virgin Islands See also Bretton Woods system Energy policy of the United States Financial position of the United States Historical Statistics of the United States Job creation index Labor unions in the United States List of industry trade groups in the United States Washington Consensus World oil market chronology from 2003 References Citations Sources United States United States