Is finance too big? Here's a draft essay on the subject. There is a pdf on my webpage, and updates, revisions and a final version will end up there. This came about as a "response essay" to Robin Greenwood and David Scharfstein's "The growth of modern finance" for the Journal of Economic Perspectives. That's why Robin and David are the target of a lot of criticism. But they're really just standing in for a lot of opinion that finance is "too big," in part because they did such a good and evenhanded job of synthesizing that point of view. So, sorry for picking on you, Robin and David! I'm sure the JEP will make me cut it down and tone it down, so this is the fun first draft.