"Greg Mankiw" is an exact anagram for "Grima Wormtongue." Look it up.
Those who work in banking, venture capital and other financial firms are in charge of allocating the economy’s investment resources. They decide, in a decentralized and competitive way, which companies and industries will shrink and which will grow. It makes sense that a nation would allocate many of its most talented and thus highly compensated individuals to the task.
Mankiw asserts that CEOs and hedge fund managers are the "LeBron Jameses" of the economy, and thus deserve to be rich and fawned upon.
This is incontrovertibly true. If LeBron James were to suddenly stop scoring and thus destroy the national economy, he'd be fired, which is exactly what happened on Wall Street in 2008-9.