A large and growing sector of the U.S. economy produces nothing of value.
Derivatives, private equity, hedge funds.
Every winner comes at the expense of a current or future loser.
The only things this “zero-sum” sector produces is more money for the wealthy.
Take corporate law: High-paid lawyers representing one corporation battle high-paid lawyers representing another.
Huge sums of money are spent on these escapades. But there are no societal gains unless you equate one corporation’s victory over another with justice.
Not to mention management consulting...
In case anyone needed a reminder, advising corporations how to make more money by cutting payrolls, abandoning communities, busting unions, outsourcing abroad, and pushing more jobs into contract work doesn’t add value to the real economy.
Robert Reich
Craving Waffles