I am told that our (North American) economies are transitioning to a service economy, providing high-value services while outsourcing manufacturing to low cost countries. This is supposed to keep our economies growing and grow the economies of our trading partners, increasing the size of the pie and raising the boat for all (mixed metaphor intentional).
Road Map for Financial Recovery: Radical Transparency Now!
A year ago, it was hardly unthinkable that a math wizard like David X. Li might someday earn a Nobel Prize. After all, financial economists—even Wall Street quants—have received the Nobel in economics before, and Li’s work on measuring risk has had more impact, more quickly, than previous Nobel Prize-winning contributions to the field. Today, though, as dazed bankers, politicians, regulators, and investors survey the wreckage of the biggest financial meltdown since the Great Depression, Li is probably thankful he still has a job in finance at all.