"Austerity and debt reduction will get us nowhere, in this view. In particular: it won’t change the fact that we have too many manufacturing workers and too few information workers. Stiglitz argues forcefully that this gap is likely to remain open until our governments make a long-term commitment to do what they did in the 1940s — that is, fund the kind of aggressive education, research, and infrastructure investments that will finally get us fully transitioned to the new phase. The current economic crisis is doomed to last exactly as long as we delay put off building that necessary to the new information economy. When we come out the other side, there will still be farmers and manufacturers — but even they will be leveraging the power of the Internet to create new wealth. Everybody will."
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