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Over the past decade, though, reality took a detour from Philippon's theory. Corporate America's need for outside financing fell, but the financial sector refused to shrink; it pumped out ever riskier products until the system nearly collapsed. Why the refusal? Maybe the pay was too good. Philippon and the University of Virginia's Ariell Reshef have found that, starting in the mid-1980s, financial-sector paychecks began to outstrip those for jobs in other sectors demanding similar skills and education levels. Since the late 1990s, Philippon and Reshef estimate, 30% to 50% of financial-sector pay has amounted...
Gelato is the ultimate refinement of a Mediterranean flavored-ice tradition that supposedly dates back to the ancient Egyptians. In the past half-century, Italians have designed machines - engineered and produced in the same region as Ferraris and Lamborghinis - that can produce ever tinier crystals of ice, allowing for less water, less air and more taste. (See pictures of Gelato University...
...crowd of almost 400 that gathered in the Malkin Athletic Center, both the American flag and the team’s veterans, in their last home game ever, provided reason to be proud on Senior Night...
...have to collaborate with other groups who have a better special knowledge of costs,” she said. “This is one of the greatest UC-student group collaborations I’ve ever seen...
Yemen's President, Ali Abdullah Saleh, flew into the Gulf of Aden on Nov. 7 to celebrate the first exports of liquefied natural gas from a sprawling $4.5 billion plant - the biggest ever investment in his otherwise impoverished desert country. A brass band played and politicians applauded the gas tanker as it set sail for South Korea, but Saleh's attention was elsewhere - on the attacks that Saudi Arabia's military forces were waging against antigovernment Shi'ite rebels in the north of Yemen. The rebels "are trying to demolish the economy," Saleh tells TIME, vowing, "We will crush them...