Paul Krugman: The Madoff Economy (Dec 19, 2008)

The Madoff Economy by Paul Krugman captures much of what I have been thinking for several years. By luring bright individuals into the financial sector, rather than into other fields, we have reduced the true wealth and the true capacity of our civilization. We can all be angry at those who were dishonest, but maybe we want to ask some questions about the honest people whose work is mostly about concentrating or allocating funds but not about applying them more directly to actual social and human needs.