Alan Greenspan, former chairman of the Federal Reserve Board, recognized the role of conceptual output as early as 1997 in a speech at the University of Connecticut when he said "The growth of the conceptual component of output has brought with it accelerating demands for workers who are equipped not simply with technical know-how, but with the ability to create, analyze, and transform information and to interact effectively with others." By 2004, he had developed his views on the topic, referring to reductions in manufacturing in the United States, outsourcing to India and China, excess of supply and the global marketplace, all leading to the increasing conceptualization of economic output.