Word: sectoral
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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...
...1960s were by most measures the best decade ever for growth and widening prosperity in the U.S.; the past decade has been a bust. Yet the financial sector was relatively tiny in the 1960s and huge in the 2000s. Could this mean that good times for finance are bad for the rest of us? Philippon says it isn't that simple. The 1990s, for example, were good for both Wall Street and Main Street. His theory, which fits the historical evidence well, is that the financial sector's share of the economy should increase when there are fast-growing companies...
...taking back all the disputed territory of Kashmir. That is why analysts like Nawaz say the only real solution to Pakistan's militancy is a regional détente with India. That, he says, would allow "Pakistan to divert resources - not just troops but monetary resources - to the civil sector for better governance...
Such meetings are only harmless so long as they remain in the private sector. Sarkozy, for example, may meet with as many of the popular faces of Europe as he desires, and, while that may fuel tabloid stories, there are no expectations of policy decisions to be reached by such schmoozing. Penn and Chavez, however, meet with the loftiest goals, beyond simply stroking each other’s egos: Penn assured Chavez (publicly, in an attempt to improve its likelihood) that he would soon meet with President Obama to relay any messages from Chavez, and somehow enable private dialogue between...
Harvard Law School has unveiled a new public service fellowship that will fund legal work in the public interest sector, an addition to the school’s long list of initiatives that encourage students to engage in public service...