Thursday, September 23, 2010

The Summers Departure.

The basic economic premise of people like Larry Summers is that globalization is good; that the US will keep the high-end, higher-paying jobs and people in the developing world will do the grunt work. This premise appears to be wrong. Manufacturing jobs have evaporated and brainpower jobs are moving overseas to be closer to emerging markets. Ed Luce opines that Obama needs to find a radical thinker as his next chief economic advisor.