The World in 2096 According to Paul Krugman in 1996
September 21, 2013 1:41 PM Subscribe
White Collars Turn Blue: "But computers are proficient at analyzing symbols; it is the messiness of the real world that they have trouble with. Furthermore, symbols can be transmitted easily to Asmara or La Paz and analyzed there for a fraction of the cost in Boston. Therefore, many of the jobs that once required a college degree have been eliminated... So enrollment in colleges and universities has dropped almost two-thirds since its peak at the turn of the century. The prestigious universities coped by reverting to an older role. Today a place like Harvard is, as it was in the 19th century, more of a social institution than a scholarly one -- a place for children of the wealthy to refine their social graces and befriend others of their class... While business gurus were proclaiming the new dominance of creativity and innovation over mere production, the growing ease with which information was transmitted and reproduced made it harder for creators to profit from their creations... How, then, could creativity be made to pay? The answer was already becoming apparent a century ago: creations must make money indirectly by promoting sales of something else."
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