http://allenburt.disqus.com/enWed, 11 Nov 2009 21:00:40 -0000http://allenburt.org/2009/11/10/are-financial-services-draining-our-economys-future/#comment-22795299<p>I agree with Friedman in the sense that modern day workers need to understand the skills of the future economy which include more "soft" right-brained creativity skills (ie graphic design), as opposed to "hard" technical skills (ie accounting).</p><p>I think Friedman and I are addressing different points.</p><p>I'm making reference to the value created by industry sectors. "Hard" value being that which produces long-run exponential growth. I.e. the development of the microprocessor - this one industry spawned 1,000s more in its wake. Or, what we are seeing now with the development of complex smartphones and mobile software - entirely new and different ways of doing business are developing exponentially with their platform as a basis.</p><p>"Soft" value doesn't do this. A new type of Hedge Fund that uses a proprietary method of trading to beat its competition isn't spawning new industries or exponential growth. It is a complex form of arbitrage that finds a hole in the market system and exploits it until sucked dry. No long term "hard" value created.</p>Allen BurtWed, 11 Nov 2009 21:00:40 -0000