Countries with dysfunctional economies tend to have dysfunctional political systems, in which radical groups look for someone to blame and rival interest groups fight over the spoils. And that, sadly, is where we are now.
.. Income stagnation can’t be wished away or inflated away: it’s a central and intractable fact of modern American life, and it provides the backdrop for almost everything that happens in Washington—the coming antics not excepted. Political polarization, posturing, and gridlock aren’t fun to watch. But in a country where a successful economic model has broken down, they are just what you’d expect to see.
Bill Maher New Rules closing speech: Greed is Good
Which brings us back to the Fed. An effective chair of the central bank will be one who understands that economics is not yet a science and may never be. At this point it is a craft, to be executed with wisdom, not algorithms, in the design and management of institutions.
On the other end are so-called manual tasks, which require situational adaptability, visual and language recognition, and in-person interaction. Preparing a meal, driving a truck through city traffic or cleaning a hotel room present mind-bogglingly complex challenges for computers. But they are straightforward for humans, requiring primarily innate abilities like dexterity, sightedness and language recognition, as well as modest training. These workers can’t be replaced by robots, but their skills are not scarce, so they usually make low wages.