(Bloomberg View) —There’s No Such Thing as an Economic Miracle

It’s not exciting, but it’s true: Wealthy countries tend to get there through slow, steady growth, and today’s developing economies will probably be no exception. So for a glimpse into China’s economic future, Tyler Cowen says, look to Denmark — yes, Denmark — and its “no drama” growth story.

The Next Gold Rush Might Be Underwater

Seafloor mining has never been profitable, but a Japanese consortium hopes to change that with a plan to extract mineral-rich volcanic rock a mile below sea level off the coast of Okinawa. If the project’s a success, it could launch a major new industry: An estimated $784 billion of mineral ores are located in Japan’s territorial waters. But Adam Minter warns the economic boon could also be an environmental calamity.

Religious Liberty Is a Little Different in the Military

When a lance corporal put up signs in her work area with a personalized version of Isaiah 54:17 — “No weapon formed against me shall prosper”  —  her commanding officers told her take them down. She refused, citing her right to religious liberty — and last week, the highest court in the armed forces ruled against her. Noah Feldman explains why the ruling makes sense (even though the Supreme Court might disagree).

The Pennsylvania Bellwether

“We have to win Pennsylvania,” Donald Trump said at a campaign rally Friday night, and he’s right: The Keystone State will play a crucial role in the presidential election. Albert R. Hunt travels 300 miles across the state — from blue-collar steel towns of the west to the white-collar Philadelphia suburbs in the east — to see what Pennsylvania voters want.

High-Tech Manufacturing Isn’t Worth Much

Consider Foxconn, the Taiwan-based contract manufacturer that stitches together the innards of iPhones: It’s really, really big (at least in terms of revenues and payroll), without being really, really profitable. Crunching the numbers, Justin Fox says that tech companies are smart to stay out of the low-margin, high-investment business of manufacturing.

Ritholtz’s Reads

Evidence is not enough (Above the Market)  Prospect Capital: the enemy within (Southern Investigative Reporting Foundation) Life on the precipice in Puerto Rico, where the government has effectively gone broke. (NYT/Dealbook)(Read Barry Ritholtz’s full daily news roundup.)

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This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.