I'm not convinced this novel idea would work in practice, but the investment banking industry should be disrupted.
Too many Harvard grads being paid too much money to work too many hours to add too little societal value.
Too many Harvard grads being paid too much money to work too many hours to add too little societal value.
It's likely that the investment banking industry adds a lot more value than you think it does, else where does the money come from?
Accounting and law firms shouldn't be worried about automation just yet when frat stars are still being paid $140k/yr out of college to make powerpoint presentations.
Glass houses, stones and all that...
And you can recognise that a lot of people make a lot of money from doing things so abstracted from every day life, nobody would be the wiser if they just popped out of existence one day.
An imperfect fit.
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.
The same place Mobutu and Ferdinand Marcos's billions come from. The logical leap you're attempting here is profoundly unsound.
I swear, I didn't consider myself that far left, but it's unreal how religious the concept of the market has become.
We are arguing that these people can, and should be replaced with something much cheaper and better.