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> It might be better for the median American to cut down those industries and shift the economic mix to industries that create more solid middle class jobs. Se
by dctoedt 3y ago
> It might be better for the median American to cut down those industries and shift the economic mix to industries that create more solid middle class jobs.
Serious question: How, exactly?
- VirusNewbie 3y agoHopefully some of the large, profitable companies will eventually see it as an existential threat to have such a dependency on a single nation, and subsidize paying high comp for chip engineers and even manufacturing. This already happens to some degree slightly higher on the stack. For example firmware engineering is not generally a high paying subfield of programming, but at FAANG companies the comp is very high.
- rayiner 3y agoKnowledge work by its nature seems to be winner-take-all and not generate well paying jobs for people who aren’t cognitive elites. California and New York are good examples of this—the finance and tech bros with sky-high salaries drive up the price of everything, to a degree that outstrips the modestly higher salaries those industries pay to ordinary workers. Contrast that with something like oil and gas, or sophisticated manufacturing which needs large numbers of moderately skilled workers. In absolute terms these industries generate less wealth. California’s GSP per capita is more than 25% higher than Texas’s. But middle class people are moving from California to Texas (and Georgia and Tennessee)—not the other way around. Or instead of Texas, consider Germany. I’d posit that it’s better for Germans that the country excels in manufacturing rather than finance or tech.
- dctoedt 3y agoBut returning to my question: As Lenin asked: что делать (what to do)?
- selimthegrim 3y agoHe was riffing on earlier books’ titles.
- rayiner 3y agoWhat Germany and China do: change our industrial policy to favor manufacturing over tech and finance.