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}A daily digest of opinions and analysisThe Intangible Economy Is Not EnoughApps, patents and social media are great, but what if they can't power an economy that provides a decent living for all? Noah Smith revisits a neglected school of thought that suggests manufacturing pays off in ways not measured by GDP.Who's Afraid of a Big Bad Bond Bump? Not ChinaIn May, Moody's saw reasons to worry about Chinese government debt. Investors had other ideas. Matthew Winker explains why China is the latest country to turn sovereign-debt ratings on their heads.An ETF Bubble? Don't Believe ItThe explosive growth of exchange-traded funds has caused some money managers to panic, but Ben Carlson says concerns about "peak passive" are overblown. If anything, the shift to low-cost investment funds is a win for the investor class.France Shouldn't Let Google Get Off Tax-FreeIt may be impossible for France to claim much in back taxes from the search giant now, but the country urgently needs new rules to crack down on tax avoidance. And it isn't alone: Leonid Bershidsky argues the current system leaves countries almost powerless against huge, tax-averse multinationals.Legal Procedure Needs a Dose of Common SenseA famous judge called courtroom rules antiquated (in language that might not be allowed in court). Maybe he's on to something. Stephen Carter explains why judges really shouldn't spend so much time tangled up in technicalities.Before it’s here, it’s on the Bloomberg Terminal. Find out how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. Learn more.Ritholtz’s ReadsThe best books to read on entrepreneurship (Five Books)Capitalism the Apple way versus capitalism the Google way (The Atlantic)An anonymous cryptocurrency trader just made $200 million in a month (Bloomberg)(Read Barry Ritholtz’s full daily news roundup here.)Bloomberg GadflyFast retailing must pick up the paceRoche's bad biosimilar day is no disasterQatar Airways should give up on its American dream(Read more from BV’s sister site for fast business commentary.)Bloomberg L.P. ● 731 Lexington Avenue, New York, NY 10022Web ● Facebook ● TwitterFeedback ● Unsubscribe

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