Professor Stiglitz says that for a society to be good and continue to be good, innovations should also be directed towards creation of jobs for unskilled people. There is an underlying assumption in the argument that investments that produce such employment must be profitable too. This is not at all necessary. When the world built pyramids or temples or monuments like Taj Mahal, profitability was not at all a consideration. Perhaps government policies can be directed to build modern day monuments and thereby provide employment to the unskilled people in the society.
Monopoly, unregulated, game over - capital divergence, 1177 BC, 410 AD, Industrial revolution and colonialism, 1969 globalization. Still underestimating capital divergence Rethink Cript’s and Godals Sectorial Balances. Trade def. Results in loss ofmid class wealth, increased multinational corporations wealth, government deficits, printing money and inflation.
