> Society decides, by paying for it. This works nicely, in theory, in the absence of market distortions and coercive forces. In practice, both of those thing

> Society decides, by paying for it. This works nicely, in theory, in the absence of market distortions and coercive forces. In practice, both of those things do exist, and so markets don't work entirely like theory predicts. Classical economics doesn't adjust itself for things like regulatory capture, corruption, bundling of services, and a host of other factors that are likely at play in investment banking. It shows far too much faith in the workings of the system to claim that society is deeming investment banking of high social value because it pays a lot.