An Engineer's Solution for Sustained Economic Growth
Date: Monday, October 05, 2009 @ 23:24:09 UTC
Topic: General
By Steve_Morra/ The Market Oracle
...All throughout history, very rarely have true technical breakthroughs occurred. Such breakthroughs are the Golden Goose upon which our modern economy actually depends, as that is where significant and sustained growth originates. Such true technical breakthroughs have historically led to major step increases in overall economic growth and societal well-being. This is their distinguishing hallmark...
Obvious examples have been the discovery (pure science) and development (early engineering) of fire, writing, the wheel, currency, credit money, gunpowder, iron, bronze, concrete, printing press, calculus, electricity, motor, engine, electrical and optical communication, psychology, aviation, plastic, steel, aluminum, nuclear power, transistor, laser, computer, and the Internet. Examples do not include a better cell phone, computer or software with more features, WiFi in every city, “green” energy, the electric or hydrogen car, and many other marketed modern products or publicized ideas proclaiming technical breakthrough. While nice or useful, they merely re-package previous true technical breakthroughs and are examples of late engineering. They do not and cannot provide significant step increases in overall economic growth and societal well-being. Such products or ideas can only provide growth and well-being to a small portion of society, usually easily traceable to those who paid for the marketing.
There were enough breakthroughs in the last century to fuel the capitalist system until now. The necessary and inevitable rise of corporations and credit/banks and where gold was replaced by fiat currency has run its course. They have inadvertently killed the Golden Goose along the way. The capitalist system is now failing because there are no true technical breakthroughs left to move toward public benefit. Further, corporations have placed technical individuals into intellectual prison through one-sided pre-employment agreements. In simple farming terms, society has eaten its seed corn.
The following “Golden Phoenix” solution addresses these two problems with breakthroughs and intellectual freedom...
Full article: http://www.marketoracle.co.uk/Article13953.html
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