"Where once upon a time Ivy League graduates chose careers in science, public service or education, these days they are more likely to opt for banks, law firms, or trumped up ad agencies like Google and Facebook.  

"When you think about it, it’s insane. We are forking over billions in taxes to help our brightest minds on and up the corporate ladder so they can learn how to score ever more outrageous handouts.

"One thing is certain: countries where rentiers gain the upper hand gradually fall into decline. Just look at the Roman Empire. Or Venice in the 15th century. Look at the Dutch Republic in the 18th century.  Like a parasite stunts a child’s growth, so the rentier drains a country of its vitality.

"What innovation remains in a rentier economy is mostly just concerned with further bolstering that very same economy.  This may explain why the big dreams of the 1970s, like flying cars, curing cancer, and colonising Mars, have yet to be realised."