Comment on Does the bonus cap work? by Mark Cornelius

I thought this was a really interesting piece. It would be good if the authors could explore the arguments and empirical literature that judges whether bankers' total remuneration should be regulated in some way. For example, Ulf Axelson at the LSE seems to argue that the high total pay can be justified by some sort of efficiency wage argument. Bankers often deal with large amounts of money, and they are difficult to monitor, so they need a high reward not to screw up. It would be good to know t