On Monday, June 27, 2022 at 3:19:18 PM UTC-4, stoney wrote:
On Tuesday, June 21, 2022 at 8:16:06 PM UTC+8, ltlee1 wrote:
On Monday, February 8, 2021 at 10:15:02 PM UTC-5, wakal...@yahoo.com.sg wrote:
On Monday, February 8, 2021 at 5:07:18 AM UTC+8, David P. wrote:
ltlee1 wrote:
[His Miserable Story]
lol
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Why are you laughing? The article is right: moving away from manufacturing (making real things) and into financial services (derivatives and other sleight of hand paper shuffling) is a factor contributing to America's decline. Which top 10% of US
students today want to be an engineer in a factory? They are all sold on the dream of becoming a billionaire by shuffling papers and making clicks with a mouse.
During the middle of Asian financial crisis, Paul Krugman had written an article for WSJ in which he concluded
that South Korea would have a difficult rising again unless every worker had a Ph.D. He was wrong.
Nevertheless, his point that workers' lack of sufficient education/information would make them less productive
and would continue to depend on technological advance from elsewhere (Western) had some merit.
The 2008 Financial Crisis could be traced to many financiers' lack of education/information. Asymmetry in
information would naturally spawn intentional or unintentional scams. Question: Will sufficiently educated
workers assisted by Big Data trained AI transform the financial sector and make a nation's dependable industry
like manufacturing.
Wakalukong
Big data trained AI can transform by speeding up analytics in order to produce faster with more efficiently accurate data of answers. But much depends on the inputs and outliers and factors, too. Big data financial analysts cannot make a nation a
dependable industry because whoever thinks they can make money are likely invisibly watched by others doing the same things to short them and cause them to lose their pant.
As for manufacturing, they can learn and appreciate and enjoying of their hands-on work and a satisfying experience of earning an income of their physical hard work. Manufactured products are stable products and are sold to people who want them. Income
from sales and profits from income produced wealth. Manufacturing is like tortoise in a race with rabbit. Tortoise in slow and steady wins the race.
Britain told the world that there should be free trade. That is, Britain should be free to sell China opium.
The US, in the 20th century, also told the world that there should be free trade. Well, the US had an edge in
manufacturing.
And then China joins the party. Many Western nations lost their advantage in manufacturing. Neither
because technology or lack of information. But because the people have a lot of information. They
compare the cost-value ratios from different manufacturers and they choose to buy made in China.
If the financial sector cannot provide information for their products like manufacturers have provided
the information on their manufacturing goods, can there be REALLY free trade on financial products?
Readily available and comprehensible information is the foundation of free trade. Else information
asymmetry would spawn scams intentionally and unintentionally.
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