What Is The Next Driver of The Economy? (loans, capitalism, free market)

[Woof]

There are basic things that will be in demand even during an economic crash, such as electricity and nonperishable foods (most people can't afford a farm to grow foods and can or dry them, and may not have the electricity to refrigerate them).

We can again become world leaders in manufacturing various power plants and gadgets, such as nuclear power plants, storage batteries, or solar panels.

We can also go back to being one of the main suppliers of unique, cheap canned foods in the future, such as canned pastas.

[jaindow]

Originally Posted by Humanoid

This is actually an interesting possibility.....although we are decades away from true AI. So not this time around.

With that said, the idea that the "technology driver is gone" is absurd. Both developments in nanotechnology and artificial intelligence will revolutionize production far more than was seen in the industrial revolution.

Computing could be revolutionized by developments in quantum computing, parallel processing (e.g., how the brain processes data) etc.

Of course there is space travel and leaving the planet and terraforming other planets, building city like space stations etc etc.

The future of technology is brighter today then it was 30 years ago..... You just have to use your imagination.

Humanoid - couldn't rep you because I need to spread the love.

While these points are valid, I would have to ask you though, if you think there is enough emphasis on Math and Science in the American education system to really get us there? In addition the perception of some is that many individuals comprising the younger generation who are just now coming into the workforce is that they are "spoiled brats," have a sense of entitlement, and/or lack discipline. In my opinion math and science can be very discipline-intensive fields. So are the next wave of workers prepared to do what needs to be done to reach these goals?

In my opinion, what precedes this is that we need a newfound emphasis in education - particularly Math and Science. In the US we have had a refocus on Math and Science education at various points in history, the latest of which was the space race in the 60's. But the national culture was very different then. During WWII there was an emphasis on Math and Science for the war effort but it fell off and was revived for the space race.

Without the Math and Science education being in place, then if technology does drive future world economies, then it could leave the US economy lagging behind due to the lack of workers capable of doing the work, or the technological projects could be managed and financed by the US business sector but using skilled labor from other countries, which does not do much to replace the jobs we are losing now.

[Humanoid]

Originally Posted by jaindow

While these points are valid, I would have to ask you though, if you think there is enough emphasis on Math and Science in the American education system to really get us there? In addition the perception of some is that many individuals comprising the younger generation who are just now coming into the workforce is that they are "spoiled brats," have a sense of entitlement, and/or lack discipline. In my opinion math and science can be very discipline-intensive fields. So are the next wave of workers prepared to do what needs to be done to reach these goals?

The American education system isn't uniform. Some get great educations some get very poor educations. In general, its so-so. But there are still millions of kids getting good educations in this country. Also, the university system in the US is still the best in the world.

I don't think the younger generation are "spoiled brats". They have rather naturally decided to study the things that they thought were going to make them successful. This decade its been things like finance, getting MBAs, doing real estate etc etc. What we are seeing now is the markets reacting to the misallocation of recourses (human capital). As the markets realign less and less people will go into this area and will study what is driving the economy.

Originally Posted by jaindow

In my opinion, what precedes this is that we need a newfound emphasis in education - particularly Math and Science. In the US we have had a refocus on Math and Science education at various points in history, the latest of which was the space race in the 60's.

Sure, but new job growth in technology and science will drive students to study it. It will be the "in thing", as finance, business etc were this decade.

Letting your economy drive your education system is better than having government try to decide what is important. The US university system is dynamic, it moves fast and kids can study whatever they want. Unfortunately grade school isn't.

[HappyTexan]

I think alternate forms of energy could pose to be a good driver for the future.
Getting us off oil dependence has an effect on all parts of our economy so everyone would benefit.
Solar, wind, water - learn to harness what nature gives us for free. Cleaner burning coal is another.

[Shuffler]

Hopefully, less is more with our next iteration...at a minimum, it's a mantra worth trying to live by in as many aspects of daily life as we can. That'd be a good start, and allow time for things to catch up/sort themselves out before the other shoe drops....or is it already falling and hasn't hit the ground yet...

[eatfastnoodle]

Originally Posted by Humanoid

The American education system isn't uniform. Some get great educations some get very poor educations. In general, its so-so. But there are still millions of kids getting good educations in this country. Also, the university system in the US is still the best in the world.

I don't think the younger generation are "spoiled brats". They have rather naturally decided to study the things that they thought were going to make them successful. This decade its been things like finance, getting MBAs, doing real estate etc etc. What we are seeing now is the markets reacting to the misallocation of recourses (human capital). As the markets realign less and less people will go into this area and will study what is driving the economy.


Sure, but new job growth in technology and science will drive students to study it. It will be the "in thing", as finance, business etc were this decade.

Letting your economy drive your education system is better than having government try to decide what is important. The US university system is dynamic, it moves fast and kids can study whatever they want. Unfortunately grade school isn't.

The graduate school in US is indeed still the best largely due to much larger funding base and best&brightest from all of the world. I'm not so sure about the undergrad program. The make-up of graduate school student body speaks volume of the lack of interests on the side of American undergraduate students. Sure, economy can partially explain the lack of interest in science&engineering. But it's far from giving a complete picture, majors like finance, law and medicine indeed promise great career futures to prospective students. Engineering major won't be the most financially rewarding program for most student (If you were smart and lucky enough, engineering can be much more promising than finance/law/medicine, how many bankers/lawyers/doctors are richer than Google's founders?) But majoring in engineering make much more sense financially than most other majors, yet comparatively fewer students take up career in engineering, even fewer students go to engineering school for advanced degrees, Why? I'm sure it's not because they rather making $40000 than $70000 to $80000 a year. (average entry level salary for Electric Engineering and Computer Science majors). They didn't do it because they have neither the necessary skills nor the sheer patience&determination needed.

[Chef Boyardee]

They say jobs like that are being offshored, along with the industries.

[Chef Boyardee]

I think our "future" energy source is Nuclear.

[Humanoid]

Originally Posted by eatfastnoodle

They didn't do it because they have neither the necessary skills nor the sheer patience&determination needed.

Engineering isn't difficult. I don't think it has anything to do with a lack of skills etc, rather the general culture.

Why do the Chinese major in these things in so much longer numbers? Is it that they are genetically superior in engineering? Or perhaps...their culture which tells kids that is the way to riches?

I prefer letting the markets determine what is important, rather than some government official deciding what is important for kids to study as is done in China.

[HappyTexan]

Originally Posted by Humanoid

Engineering isn't difficult. I don't think it has anything to do with a lack of skills etc, rather the general culture.

Why do the Chinese major in these things in so much longer numbers? Is it that they are genetically superior in engineering? Or perhaps...their culture which tells kids that is the way to riches?

I prefer letting the markets determine what is important, rather than some government official deciding what is important for kids to study as is done in China.

Most engineering jobs in the US today are shakey at best because it can be offshored to either China or India for a fraction of the cost. Would you want to spend $$$ on a degree to enter a field where offshoring is taking control ?

I'm a software engineer and it's a matter of time before I get "replaced" but I'm preparing for that and will leave the field completely when that happens.