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our bartender Javon had a masters in biology That's de-risking, de-skilling and outsourcing. Back then, in the last century, the US and Europe had a functionin
by HarryHirsch 7y ago
our bartender Javon had a masters in biology
That's de-risking, de-skilling and outsourcing. Back then, in the last century, the US and Europe had a functioning chemical industry. Unfortunately, information technology took off, and investment banking discovered that returns are better with Facebook than in Pharma, consequently that's where the jobs are now. Also, mergers & acquisitions took off in the same time. Why invest in research when you can buy up someone else's research? Industry research does not exist any longer in the sciences. The sciences are not a good proposition any longer if you want to make a living.
- Frost1x 7y agoYou don't have to create and improve in a world you have little to no competition with high barrier to entry established. You can keep repackaging the same things without risk and work on perceptive value of people. Why innovate and create when I can live like a king just playing our economic, governmental, and social systems like a fiddle? We're not quite that bad yet but we're already headed down the path in that direction.
- amiga_500 7y agoI know you aren't promoting it, but to answer your question: > Why innovate and create when I can live like a king just playing our economic, governmental, and social systems like a fiddle? Because the entire country is going to implode. 2008: financial crisis 2016: political crisis
- eli_gottlieb 7y ago2008: financial crisis 2016: political crisis 2020: deadly pandemic, inducing a financial crisis, while also collapsing the real economy, on top of four years of political crisis
- reroute1 7y agoPolitical crisis? Yeah I'll pass
- N1H1L 7y agoIn economics this is what is called rent-seeking behavior, and I think it probably is an exceptionally interesting area of research to study how financialization of industries modifies rent-seeking behavior in those industries. My own hunch is that it probably increases significantly.
- mpweiher 7y agoThe financialization of the economy is more a US/UK thing than the rest of Europe. Lots of chemical industry here, etc.
- amiga_500 7y agoYep, financialisation black hole. Cratering living standards, partially hidden by printing ever bigger numbers next to people's house prices and ignoring that they have no retirement savings. Many of the "industries" beloved by this site are showing they are only viable on top of a backbone of "real" jobs like industry and manufacturing. No N95 mask manufacturers, but we can write how sad we are about this on facebook. And the media won't tell us the root cause, so nothing is learned.
- kanwisher 7y ago3M one of the biggest n95 manufactures in the world, originated and still has factories in America
- 12elephant 7y agoN95 is the US standard, so it makes sense the US makes more of these than other countries. Compare production capacity of N95s in the US with FFP2/3 in the EU, or KN95 in China. Then we'll really see how US production capacity stacks up. To be clear, I have no idea how these production capacities stack up. But if we want to evaluate medical mask production, this is the comparison that needs to be made.
- amiga_500 7y agoYes and the Greeks invented math, but times move on: https://www.wired.com/story/decades-offshoring-led-mask-shortage-pandemic/ https://www.wired.com/story/decades-offshoring-led-mask-shor...
- jldugger 7y ago> investment banking discovered that returns are better with Facebook than in Pharma, consequently that's where the jobs are now. Considering how many drugs are basically miracles of statistics rather than science: https://www.telegraph.co.uk/news/health/7950612/Five-out-of-six-new-prescription-drugs-dont-work-doctor-claims.html https://www.telegraph.co.uk/news/health/7950612/Five-out-of-...