How the Finance Industry Hurts the Economy

In perhaps the starkest illustration, economists from Harvard University and the University of Chicago wrote in a recent paper that every dollar a worker earns in a research field spills over to make the economy $5 better off. Every dollar a similar worker earns in finance comes with a drain, making the economy 60 cents worse off. [...] ...the growth of complex financial products has served primarily to boost income for the firms themselves, Philippon said. A new paper from researchers in t...

 There is a mass exodus into the virtual world

The real world just doesn’t offer up as easily the carefully designed pleasures, the thrilling challenges, and the powerful social bonding afforded by virtual environments. Reality doesn’t motivate us as effectively. Reality isn’t engineered to maximize our potential. Reality wasn’t designed from the bottom up to make us happy. And so, there is a growing perception in the gaming community: Reality, compared to games, is broken. In fact, it is more than a perception. It’s a phenom...