They don’t call Nouriel Roubini “Doctor Doom” for nothing. The NYU Economics professor was one of the soothsayers
predicting last September’s global economic meltdown---as far back as 2005, he was sounding alarm bells that the global economy was overleveraged and headed for disaster. So when Mr Roubini makes positive predictions about growth in entrepreneurship, we sit up and take notice. New Republic magazine has an interview with Roubini in their latest issue. Most of it simply hashes out Roubini’s life story and how he came to predict the global recession. But if you read on, there’s a very interesting nugget towards the very end where Roubini states his feeling about the role of entrepreneurship will play in revitalizing the economy. Here’s what he said:
"When you have more financial engineers than computer engineers, you know that the brightest minds have gone into something where, probably, the margin was excessive," he had told me earlier. "Maybe some of these bright people are going to do something entrepreneurial, more creative, or go into government. I think that's actually a good change. The transition is painful, but the result may be good." [emphasis added]
It’s an interesting thought. We blogged earlier this year about laid-off Wall Street VP’s who have turned to franchising. As the big-money jobs in the financial world dry up, a whole new generation of smart thinkers will have a choice to make. Either sit by and wait for the economy to get back on track or do something about it, by seizing the reins of entrepreneurship. Luckily, franchising offers one of the most sure-fire ways to start your own business. If you don't want to take our word for it, read the Risky Business blog's post with the 5 silver linings of the recession.