Do all jobs have the same value? More people working should lead to higher real incomes, except when the jobs are destroying wealth.
Wages have been rising, but prices are rising even faster. So the average working person is getting poorer in real terms.
Many people are enormously productive in that they create real wealth, which benefits everyone. Those who design, build, distribute and market smartphones and tablets produce products that replace far less efficient and much more costly products of the past . Those who design and produce modern farm machinery enable a single American farmer on average to feed 155 people . Everyone working in that chain produces huge value.
The combination of artificial intelligence and advanced devices and materials is already having a huge positive impact on medicine. Imaging machines are revolutionizing dentistry, joint replacement and heart surgery by enabling doctors to do most procedures with much greater precision and speed, saving lives and time, and reducing pain.
Universities and colleges used to be wealth producers, taking unwashed students and giving them basic knowledge and tools to be more productive civil citizens. But professors’ productivity has plummeted, as teaching loads greatly shrunk and less time is spent on useful subjects and more time is spent on diversity, inclusion and equity.
The result is that the cost of education has soared. Some students in top schools find they are better off not attending, despite being admitted. When the benefits of higher education no longer exceed the costs, the excess costs are borne by the taxpayers and the students and their families, which reduces everyone’s standard of living.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla workers in Germany join union as health and safety issues grow - unionTesla workers in Germany join union as health and safety issues grow - union
Read more »
America First Credit Union Scholar Athlete: Corner Canyon's Alyssa MeadowsAll throughout the high school football season the crew at Talkin' Sports is pleased to honor scholar athletes on Sunday nights.
Read more »
Australia's $131 billion sovereign wealth fund chair will not seek another termAustralia's $131 billion sovereign wealth fund chair will not seek another term
Read more »
How to invest $1 million for the next decade, according to private bankers and wealth advisorsThe next decade will be unlike the last two for investors, according to the pros. Here's how they suggest investing $1 million.
Read more »
Citigroup to sell China onshore consumer wealth unit to HSBCCitigroup to sell China onshore consumer wealth unit to HSBC
Read more »
Citigroup confirms sale of China-wealth unit to HSBCHSBC will offer jobs to the reported 400 Citi employees, while Citi retains its commercial banking unit.
Read more »