Ten Thousand key Americans really support our economy

[Teak]

Originally Posted by tablemtn

It's certainly clear that visionary inventors and researchers can help push technology forward, but beyond that, I doubt that many others are indispensable - even if they appear to "produce" a lot in economic terms.

For instance, do we actually need a highly-skilled hedge fund manager in order to "support" the economy?

Probably not. If we look back to other eras of scientific innovation (the 1950's and 60's, for instance), hedge funds weren't even part of the financial system.

So I would certainly be wary of certain people who might try to insinuate that they are indispensable just because they are wealthy.

Hedging started with farmers using wheat and corn futures. Farmers need to know what kind of price they will get in the fall for seed sown in the spring. Futures contracts allow them to lock in a price that will make their venture profitable. This is a productive use of hedging. Much of the newer stuff is mostly gambling.

[Xeon1210]

Most people today are happy to be grunts, so be it.

I'm one myself, though I aspire to be more and working my way up (but hopes and dreams can't put food on the table). Some 'grunts' scoff at the idea of working one second past 5:00 pm and are ready to leave the moment they walk in, whilist other are happy to stay until 9:00 PM making sure the higher ups will look good infront of their clients the next day, with the hopes that they will be rewarded in some form.

For all intents and purposes, the wealth goes to those who know how to massage it into more wealth, or have provided society with some good that everyone's gotta have (Bill Gates for instance). Average joes refuse to realize that stifling consumption now means more consumption later if invested right.

[elamigo]

Originally Posted by Tough Questions

I read an interesting article about our business world and economy recently. It said that without an elite group of Americans who have incredible intellectual, create and business skills we would be living in a Third World type financial existence. 99% of American workers are basically grunts who just do the same routine tasks over and over and over every day. These grunts (which I am one!) are the backbone of our society. But without the unique talent of certain key members of our society (10,000 elites) who bring incredible talent to business, medicine, research, the creative arts and education, America would be no where. It takes a person with the wisdom and creativity like Steve Jobs to create and maintain Silicon Valley. Or because Julia Roberts was born and got into the movies, billions of dollars were spent by movie makers creating thousands of jobs.

The average grunt worker is important but not as key to our society and economy as the 10,000 elites. If they were not born and did not exist we may be living like the people in Africa. Agree or disagree?

No, it is the system. I can have all the talent and skills to do great but if a system does not allow me to use them it is as if I did not have them.
In some cases the talent needed was to be a good leader/s and have the skills and the guts to start a revolution and change a system that was oppressing the people.
After a fair that allow all to reach their potential as far as they can then we will have people that will reflect the degree of want in life.
What you describe is just that. Some people work and sacrifice a lot to achieve whatever dream they want. Others their dream is to simply go to work and earn enough to come home, watch TV, drink a beer and enjoy life whereas others spend countless hour doing research to come up with the cure for cancer, others to buy ten homes, others to accumulate millions, etc. That is just fine with me as long as no one tells me or others to provide for others that did not earn as much as I and others have.

You have a great day.
El Amigo