Adam Smith looked on bankers as if they were unproductive. Essentially said they're parasites who kind of live off the value created by others. Bankers - if you have a labor theory of value - it's hard to see how bankers can be producing value.
Before the 1970s, financial services were not included in the calculation of gross domestic product (GDP). In other words, they were considered as adding nothing to the total value of gross domestic product. Only after 1970 did they get included, and now, of course, they're considered to be great value producers. So, do financiers produce value? This starts to become a very important kind of question.