Sallie Mae comes to Muncie: about 700 jobs, no smokestacks.

• Position: INDIANA INDICATORS

FIFTEEN YEARS AGO, AN economist published a study that said something amazing. Of all of the things that the American economy produced, less than 20 percent were physical goods that could be weighed and measured.

You can bet that percentage is even lower today But many of us, especially here in the industrial Midwest, can't quite accept the idea that you can build a prosperous economy without having humming assembly lines and rolling railroad cars, making and shipping products to put on shelves.

Consider the announcement that Sallie Mae, a leading provider of student loans, will operate a 700-worker debt-collection facility in Muncie, as part of our education. No smokestacks will sprout from its building, nor will its workforce operate anything noisier than a laser printer or a fax machine. Yet its operations will give a much-needed spark to the local economy just the same.

Sallie Mae's payroll, its purchases of goods and services from local vendors, and its tax support will add to the local economic pie just as any other new employer would. And since its customer base is national, the new jobs the company creates here won't come at the expense of other locally based companies.

But the jobs themselves promise to be quite different. Those who anticipate working in an environment where tasks and hours are standardized, with flat-rate compensation and where raises and promotions accrue with seniority may be in for surprise.

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