Quote:
Originally Posted by Phanuthier
I don't think innovation in itself is a problem, its the support from underneath. Its no secret there is a widening gap between the educated and everyone else, and the country is moving towards a small elite and inefficient working class.
Finance is an huge issue, but they can be juggled by crafty accountants. The underlying problems of working going overseas (and it does, for sure) is a bigger concern.
(And I don't know why you'd have Apple at the top of the list, then follow it up by saying "hell even GE" ... GE is quite well known for their R&D, while I'd argue Apple is more cosmetics and fashion.)
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Apple's one of the most valuable companies in the world and is a major contributor to tech exports for the U.S. They're an example of the American firm of the high tech future (if there is one). There's no other equal to Apple anywhere else besides other American firms. Not even close. That's the point, as long as the U.S. keeps innovating they will be producing value.
And yes you speak directly to my point. The U.S. labour pool is restructuring, which is painful. High paying low skill manufacturing jobs are gone, and those workers which are invested in that sector are hurt. But what's happening is that workers are either being educated with new skills or are retraining to be productive in the sectors with comparative advantage.
So the uneducated are being hurt, there will be fewer and fewer uneducated people as this economic trend continues because there's a clear recognition that employment requires education in the new skills.
With respect to your arguments about finance, I completely disagree. That is another HUGE advantage of the American economy. It has the best financial system in the world seeking out better returns on its capital. Getting investment capital is nowhere easier than in the U.S. and that works to give them another innovative edge.
Finance is actually not a bad thing at all. Through history the countries with the most advanced, efficient and sophisticated financial markets have also tended to be the wealthiest and most productive. The key is having MORE finance, not less.