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Study Says US Needs Fewer Science Students

cremeglace writes "It's an article of faith: the United States needs more native-born students in science and other technical fields. But a new paper by sociologists at the Urban Institute and Rutgers University contradicts the notion of a shrinking supply of native-born talent in the United States. In fact, the supply has actually remained steady over the past 30 years, the researchers conclude, while the highest-performing students in the pipeline are opting out of science and engineering in greater numbers than in the past, suggesting that the threat to American economic competitiveness comes not from inadequate science training in school and college but from a lack of incentives that would make science and technology careers attractive. Cranking out even more science graduates, according to the researchers, does not give corporations any incentive to boost wages for science/tech jobs, which would be one way to retain the highest-performing students."

35 of 551 comments (clear)

  1. More articles like this please by Idayen · · Score: 5, Funny

    I want my salary to go up

    1. Re:More articles like this please by Anonymous Coward · · Score: 5, Insightful

      I'm an assistant professor and I can see this type of thing going on first hand. I get paid okay but expectations of the promotion and tenure committee in terms of papers, research funding and teaching requires 50-60 hours a week of work minimum most week. My record is 110 hours over 7 days, what a nightmare. The reason for this situation is that science funding by the federal government has been more or less flat for about a decade but the number of professors has increased and the expectations of the universities from professors have gone up.

      My students take one look at me and immediately make a career decision in another job besides academics or even science in general. I don't blame them either, even I hate my job sometimes and I couldn't ever imagine myself of being anything but a scientist -- but at this point, I have one more year to go for tenure but taking that dream position at the coffee shop in western Colorado and skiing all winter is starting to sound really good.

    2. Re:More articles like this please by demachina · · Score: 4, Insightful

      You should probably consider a nice career in banking and move to Wall Street then. Its not exactly a secret that the big Wall Street banks have pretty much devoured the U.S. economy and they run the government, insuring that their success will be guaranteed by the Congress, the President and his Wall Street friendly administration(same for Dems and Republicans), the Fed (by printing money and giving it to them at zero percent even if it destroys the dollar) and in times of the trouble the U.S. taxpayer. They are a huge percentage of the U.S. economy now and their compensation dwarves pretty much every other career.

      I was reading earlier this week the U.S. now has the greatest income inequality in the world except for Singapore and Hong Kong which are tiny city states. Last time we had income inequality at this level was in the 1920's right before the Great Depression. Lord Brian Griffiths of Fforestfach, vice chairman at Goldman Sachs Intl., a life peer under England's nobility scheme, and Christian theorist of "biblically based wealth creation." recently said: "We have to tolerate the inequality as a way to achieve greater prosperity and opportunity for all." The dirty little secret is Goldman Sach's keeps all the prosperity and opportunity for themselves and their rich friends, and the rest of us will never see it unless we manage to join their exclusive little club. We've pretty much returned to aristocracy and are certainly in a plutocracy with a tinge of kleptocracy since when Wall Street screwed up they smoothed it over by outright legalized theft from the rest of us.

      The article doesn't spell it out but all of America's best and brightest are going to Wall Street and big business, not science. Unless they are idealists or altruists they go there because that's where the easy money is. Its mostly money being produced via elaborate legalized Ponzi schemes but that doesn't change the fact if you make it on Wall Steet you get money for nothing and chicks for free. Whose going to enter the exciting world of Physics when they can have that, at least while the party lasts, and it appears after a brief glitch its back bigger and better than ever.

      --
      @de_machina
    3. Re:More articles like this please by shadwstalkr · · Score: 5, Insightful

      Actually you gain the privilege of becoming an administrator for the rest of your career. The only professors I knew who spent a decent amount of time doing real research were retired. The rest spent their time teaching, chasing grant money, and attending meetings. You really have to be a little crazy to go for an academic career these days.

    4. Re:More articles like this please by kryptKnight · · Score: 5, Informative
      It's time to bring some facts to this thread. Monetary policy is complicated, most people don't understand it, and impassioned hyperbolizing isn't helpful.

      ..the Fed (by printing money and giving it to them at zero percent even if it destroys the dollar)

      The Federal Reserve does not print money. Maybe you were speaking metaphorically, but you're still wrong. The Federal Reserve can influence interest rates, and it can change the size of the the money supply by issuing and recalling treasury bills and by adjusting the reserve requirement.. Those functions allow the Fed to alter the price of money, but that's not equivalent to printing more money.

      I was reading earlier this week the U.S. now has the greatest income inequality in the world except for Singapore and Hong Kong which are tiny city states

      Well you read wrong. Equality of income distribution is quantified by the Gini coefficient. Wealth is less evenly distributed in the US than many places (ie Europe), but there's more than 40 countries ahead of us. China and Mexico for instance. See this map for more detail.

      For anyone whose interested, the Planet Money blog and podcast is a great place to start. Their reporting and research is done by actual economists rather than ideologues and talking heads, and they explain why things are the way they are and how they got there. Like I said, our current financial situation is kinda FUBAR, but approaching it with a level head and trying to understand what's really going on is better than getting angry and playing the blame game.

      --
      Facts do not cease to exist because they are ignored. -Aldous Huxley
    5. Re:More articles like this please by demachina · · Score: 5, Insightful

      "The Federal Reserve does not print money."

      Read up on quantitative easing. It is what the Fed's been doing massively since the crisis. It is printing money though its done electronically. From Wikipedia:

      "Quantitative easing is another way to influence monetary policy, only recently begun to be used in the United States. Other countries, such as Japan, have provided a template for some Fed actions. Essentially, quantitative easing provides a method for the central bank to provide funds at lower than zero interest rates, in order to increase the monetary supply and combat deflationary forces. This is accomplished by the Fed purchasing U.S. government debt with newly printed U.S. currency. In essence, the Fed is monetizing the debt. In the current (late 2007 to today) macro-economic environment, the slowing velocity of money has induced U.S. central bankers to pursue a variety of new, and to some radical, policies to produce economic stimulus."

      They also allowed Goldman Sachs and Morgan Stanley to acquire bank charters so they have access to this free money to fuel their commodity, stocks and bond gambling. It is helping to fuel the current bubble in stocks, bonds and commodities.

      It is inappropriate for investment banks to have access to the discount window. Paul Volcker has been lobbying hard to get the Obama to stop it, but Geitner and Summers being stooges of Wall Street are ignoring him. Discount window access should only be allowed to conservative commercial banks who don't gamble on the stock market. Ever since the repeal of Glass Steagel and they let Citigroup access it, and certainly since they let Goldman Sachs, Morgan Stanley and what's left of Merrill access it they've created massive potential for abuse and for bubble creation.

      --
      @de_machina
  2. What about just doing what you love? by ErikTheRed · · Score: 4, Insightful

    I don't know about the rest of you, but I don't give a rusty fuck what some study says people should or should not go into. I work in the fields I love, and I'd recommend it to everyone else. If you want to do science, do science. If you don't then don't. Who really cares what some frigtarded academic thinks anyway? Final thought - how often is it that we look back on these studies five or ten years later to find out they were somewhere around, oh, dead wrong. if these guys are such friggin' geniuses at predicting the future they should go make $Billions in the stock market.

    If all you care about is money than go into politics or join the mob (it's ethically about the same).

    --

    Help save the critically endangered Blue Iguana
    1. Re:What about just doing what you love? by Thelasko · · Score: 5, Insightful

      If you want to do science, do science.

      But what if science doesn't pay the bills?

      --
      One of our competitors trademarked the term "hypothesis". From now on, we will call them "boneheaded ideas".
    2. Re:What about just doing what you love? by tool462 · · Score: 4, Insightful

      To paraphrase Office Space, if everybody did what they loved, there would be a severe shortage of janitors.

      In reality, how much you enjoy the job is only one factor of many when it comes to deciding your career. And I would bet that in practice, it ends up being one of the last factors considered. Whether or not you can make enough money to buy food and pay rent is going to be a much more important part of the decision.

      And unless I'm misreading something, these guys aren't trying to set policy, they published a paper that found that existing policy is misguided and ineffective. The free market has spoken. The job market in science and engineering is saturated. Trying to create policy and incentives to encourage larger numbers of science students ultimately depresses wages, which results in the best of the field moving on to other fields with better prospects. End result: the same number of new scientists and engineers in the work force, but with less ability on average.

    3. Re:What about just doing what you love? by selven · · Score: 4, Insightful

      Rational people want to make money so they can lead a relaxing life? Why? What's so good about relaxation? What's the point in getting a big house or a big car? The answer is because you find it enjoyable. Just because you enjoy intellectual pursuits rather than hedonism does not make you a less rational person.

    4. Re:What about just doing what you love? by c6gunner · · Score: 5, Insightful

      because science (i.e. by the 'academics') typically results in 80% wrong facts, and 20% absolute fact. Academics can't accept this, cause science is supposed to always produce 100% fact: i.e. it's philosophically bad in our society of 'yes and no' that science is sometimes "right".

      Leaving aside the fact that your last sentence makes absolutely no sense, you're completely wrong about the rest of it. Every scientist knows that much of what they study will probably turn out to be wrong. That's why a "theory" in science is the highest level that an idea can attain - because even the most conclusively proven theory can be overturned if the right evidence is discovered. So yeah, the majority of our theories may turn out to be wrong, but it doesn't matter because we won't know about it until we discover better theories through the scientific method. Science isn't about finding the "right" answers, it's about constantly finding better answers.

      There's an Isaac Asimov quote which serves to underline this idea:

      "When people thought the Earth was flat, they were wrong. When people thought the Earth was spherical they were wrong. But if you think that thinking the Earth is spherical is just as wrong as thinking the Earth is flat, then your view is wronger than both of them put together."

      (And that's why there will always be a religion-science conflict)

      No, the reason there's a conflict between religion and science is because power-hungry fascists like to keep the public ignorant so that they can control them. It goes something like this:

      You tell your followers that lightning is created by an all-powerful Magic Man who can destroy them at will. But it's ok, because you have the inside track to the head honcho, and you'll keep them safe as long as they bring you lots of meat, wine, and gold to "sacrifice" to him. Then some smarmy guy with glasses comes along and starts talking about electrons, and suddenly your magical explanation starts to sound less plausible to your flock. That's bad for business. So you send out your buddies to tell everyone that "Electromagnetism is just a theory!". You bribe the local lords to pass laws outlawing its teaching. You do whatever you can to try and keep your followers ignorant and, like all good fools, they happily help you do it.

      There's no conflict between science and generic Deistic beliefs. It's only organized religion that keep creating problems.

    5. Re:What about just doing what you love? by JanneM · · Score: 4, Insightful

      "I work in the fields I love, and I'd recommend it to everyone else."

      But "Do what you love" is not the same thing as "Do what you love as your primary means of support". Making your passion into your career will frequently kill the passion, smothering it under layers of paperwork, meetings, customer contacts and any other not-fun but necessary aspects of work for money.

      Decide beforehand if you're ready to lose your hobby or passion in the process of making money from it. Afterwards it's too late.

      --
      Trust the Computer. The Computer is your friend.
  3. So says the sociologists... by Kell+Bengal · · Score: 5, Funny

    So... the sociologists say there's too many technical scientists? That's just what I'd expect from those namby-pamby girly-haired soft-science types! I'll bet they've got a correlation study and everything. Well, maybe the technical scientists say there are too many sociologists? And we've got freaky equations and stuff.

    Yeah!

    Who you going to believe, pretty demographics charts or complicated equations? Eh? EH?

    --
    Scientists point out problems, engineers fix them
    altslashdot.org: The future of slashdot.
  4. If you want top talent, you need to pay for it! by plasmacutter · · Score: 5, Insightful

    When you keep downward pressure on wages of scientific positions; When you don't offer people compensation for the utter destruction of their social lives required to seriously pursue science, they gravitate toward management. (for comparison, at least medicine and law provide salaries commensurate with the effort required for the education)

    You never see those massive bonuses going to the mathematical wizards, engineers, or design teams who are actually responsible for the profits. It goes to some otherwise average person who sat in his office and barked orders.

    Don't be surprised when the truly intelligent notice where the money is going and choose to expand their social lives in the process!

    --
    VLC FOR MAC IS DYING! IF YOU DEVELOP, PLEASE SAVE IT!!
  5. Money on both sides of the equation by VinylRecords · · Score: 4, Insightful

    From the article:

    The supply [of science students] has actually remained steady over the past 30 years, the researchers conclude from an analysis of six longitudinal surveys conducted by the U.S. government from 1972 to 2005. However, the highest-performing students in the pipeline are opting out of science and engineering in greater numbers than in the past, suggesting that the threat to American economic competitiveness comes not from inadequate science training in school and college but from a lack incentives that would make science and technology careers attractive.

    From the Associated Press:

    Average tuition at four-year public colleges in the U.S. climbed 6.5 percent, or $429, to $7,020 this fall as schools apologetically passed on much of their own financial problems, according to an annual report from the College Board, released Tuesday. At private colleges, tuition rose 4.4 percent, or $1,096, to $26,273.

    So we have the costs of already outstanding tuition fees rising in a faltering and near collapsed economy. Many top positions in fields of science require Masters or Doctoral level education. A Master or Doctoral level of education also demands a Master or Doctoral level of tuition. In an uncertain environment for employment, the risk of entering the field of science, can be high.

    Instead of going into science or mathematics you see the smarted minds who are more money minded going into the financial fields. They are intelligent but because of the upbringing in a capitalist society desire money more than anything. So they become investors, stockbrokers, and deal with money all day and night.

    What we need is to recruit the best of the best, have private industries, and government, pay for the tuition of these individuals or offer them guaranteed job positions. Does a promising young high school student enter undergraduate school looking for a degree in bio-medicine? Have a major cancer research outfit pay for his tuition. Or have a medical technology firm cover his tuition. Or have him pay for his own tuition but make it known publicly that anyone with a degree in 'science' who applies to 'x job' will have his college tuition fees and loans paid for in full by the company if he works x number of years.

    Maybe we need to lower the tuition for higher science. If you want a degree in particle physics, wave physics, astro-biology, or whatever, then you tuition is significantly lower than your peers. My graduate work was in television broadcasting, if my peers studying medicine and high level math had lower tuition fees than myself, I would not have batted an eyelash.

    If you cover the tuition fees of our smartest students, and they go on to become the people who provide us with life changing nanotechnology, or cure HIV-AIDS, that money will pay off 100 if not 1,000,000,000 times more down the road.

    We need to invest in our future by investing in our brightest minds and steering them towards occupations where they can make a lasting difference in the world.

  6. Faulty Logic by n8r0n · · Score: 5, Insightful

    So, by this rationale, in order to get more top talent in science, we need to let more talent choose other fields, leaving a scarcity of science grads, which will drive up salaries, and lead more top talent back into science? That's kind of like the argument that cold water boils faster than hot water. Of course, lots of people think that's true, too.

    Along the same lines, I'd like to hear the author's explanation of why employees in finance continue to get paid more and more, even as more talent floods into that profession.

    Not every price is set solely by supply and demand. In this case, I think culture has a lot to do with it, as do negotiating skills (which geeks don't generally have in abundance). Science and math types are still considered dorks, and the leeches who work on Wall St. or Madison Ave are the cool kids. Fewer science students isn't going to change that.

  7. Re:Really by DeadDecoy · · Score: 5, Insightful

    Nope, that's not what the summary is saying. It's stating that we have a steady stream of scientists and engineers, but it seems like they choose another career path when they realize they'll just be overworked and underpaid. Go fig, when it's easier to get an MBA and become a CEO who gets a golden parachute for tanking their company based on short-sighted decisions to appease stockholders then it is to go through 10+ years of training and pay off 100k in student loans.

  8. Brain Drain by BodeNGE · · Score: 5, Insightful

    You've got yourselves a brain drain. Growing up in Australia as a geek I had the sole intention of getting out of the country, going to university in Europe and finding a decent, well paid job there. In Australia there was no funding or development, no highly paid jobs, little basic research at all, and as a student cash was the big draw to get out. The brain drain was almost epidemic. The USA wasn't an option due to your ridiculous Green Card Lottery. Very glad I did too as I simply had more, and better opportunities. There are some truly excellent innovations that still come out of Australia built literally on a shoestring. Realtime over-the-horizon radar that can image a supercarrier off the coast of Japan is one example, and it is constructed from thousands of hand wound wire, wrapped around cotton reels. So it is possible to have success (albeit non-financial) in the midst of a brain drain.
    Reducing the Green Card quotas further, and kicking foreigners out of Science will certainly reduce the number of graduates, and the intelligence of the nation. Weren't most of the USA's scientists working on the big name projects of the last 50 years foreign born anyway?

  9. Over-simplify much? by JSBiff · · Score: 4, Insightful

    Maybe money isn't the sole motivator. Did it ever occur to you that maybe there are students that really want to go into science, but because of the job prospects (or perceived lack thereof), don't think they can *afford* to go into science?

    I mean, if you think you are going to give up 6 years of your life/potential income [well, you can still work while in school, perhaps, but probably not make as much income as you could if you were working full-time + overtime at a job for those years], and spend $60,000 (plus interest, so probably closer to $100,000), say, to get a Masters in Science, and then you think you will only make 40,000-60,000/yr, you might not think you can afford that. I have a cousin, only has a high school education, works for a road construction/repair company. On the one hand, he has to work a lot of overtime, but on the other hand, I think he's making in that same $40,000-60,000/yr range [maybe more]. He's been doing that basically since he graduated from high school, and never had to take out any student loans. So, the way I see it, someone in his position potentially comes up about $300,000 ahead (on graduation day) of the guy who went to school for 6 years and took out those loans.

    That's the reality of education. In order to justify the expense, you need to make good money after graduation - such people should probably be starting at $70,000-$90,000 yr almost straight out of school, with raises every year which outpaces inflation, just to allow them to recover that "lost" $300,000 over the course of say the first 10 years of their employement, and then continue to make that kind of money after that so they come out *ahead* of the people who didn't go to school.

    But, it sounds like, from the article, that's not happening, so while students might be attracted to science, they may just feel that they can't sacrifice their financial future in order to benefit corporations who aren't willing to give them reasonable compensation for their education.

  10. Re:As Rutherford said... by moosesocks · · Score: 5, Funny

    Ernest Rutherford once said The only possible conclusion the social sciences can draw is: some do, some don't

    Oddly enough, quantum mechanics draws pretty much the exact same conclusion.

    *Ducks*

    --
    -- If you try to fail and succeed, which have you done? - Uli's moose
  11. Re:how many scientists are enough? by rm999 · · Score: 4, Insightful

    I would make the fairly obvious argument that the number of scientists is largely irrelevant compared to the amount of work they produce. A single Einstein is worth an infinite number of mediocre physicists who never end up producing any work in their careers. This is important, because (at least in my experience in academia), 95% of academic scientists and maybe 80% of engineers produce nothing useful in their lifetimes.

    While there may be a glut of scientists, there is no glut of *good* scientists; we always need those. Let's not kid ourselves - the number of possible problems scientists and engineers can solve has not gone down over time. If anything, it has gone way up.

  12. Re:Stupd rationale by blueg3 · · Score: 4, Funny

    Isn't imposing your opinion on how they should pay employees, rather than letting employers set wages as they see fit, rather anti-Free Market?

  13. In physical sciences, PhD track = no tuition by dlenmn · · Score: 4, Informative

    If you're doing a PhD in the physical sciences, then you're almost certainly not paying tuition directly (let alone a level of tuition proportional to your degree as you seem to claim). Otherwise, absolutely zero people would be doing it. MD, JD, and MBA programs can charge a lot because you'll make a lot of money once you've got the degree. The same cannot be said for a science PhD.

  14. Re:how many scientists are enough? by Grishnakh · · Score: 4, Insightful

    Don't confuse science and engineering; they're two radically different disciplines with totally different goals.

    Yes, most academic scientists probably don't produce much of value, but that's just like how a paleontologist, for instance, only has a certain chance of finding some great fossil that significantly adds to our knowledge of dinosaurs. This isn't that much because of the paleontologist's skill, but more because of chance: will he find that fossil, or not? Scientists don't create truth, they search for it. If they find something really useful, then they're remembered for generations. If they don't succeed in their search, they're forgotten.

    Engineers don't search for anything. They create things. Even the most mediocre engineer can create useful things. So I really doubt your claim about 80% of engineers creating nothing useful. If they're employed as engineers, they must be producing something useful, or else they wouldn't receive a paycheck. Now, how useful that product is to society is debatable, of course. The engineers who created the Ford Pinto, for instance, didn't exactly create something wonderful, and considering how that car killed people, it probably had negative utility. However, they did the work that their employers asked of them, and as management was in control and refused to allow engineers to improve the design, it was they who were responsible for any deaths. Less spectacularly, many engineers work on things which are ultimately trashed before seeing production. I've seen my share of that in my own work. But again, just because management decides to trash something doesn't mean it isn't "useful", it just wasn't profitable enough for them.

    As for how many scientists are needed, that depends on how much science a society wants to do. If you want to do a lot, then you need more people working on the problem. If you don't care much about learning new things, then you don't need many scientists. I'd say that our society doesn't really need that many scientists, because it really isn't that interesting in finding out new things and doesn't want to invest the money needed to do so, because it doesn't return a profit quickly enough.

  15. Re:Really by Grishnakh · · Score: 5, Informative

    The *EOs are appointed by the board, who are their good buddies who they golf with every weekend. And only the largest shareholders have any effect on the board's makeup. The whole thing is a big good-old-boy system, which is why CEOs get giant pay packages even when they drive the company into the ground. If they were paid on merit, they would get paid according to their performance, and not get squat if they don't do a good job, but that's obviously not the case.

  16. Re:Really by Trepidity · · Score: 5, Insightful

    Indeed, that's their thinking, but they're dishonest about the motives: officially, they say that the native talent simply doesn't exist, not that it exists but only at prices they don't want to pay.

  17. There's no shortage by cvd6262 · · Score: 4, Interesting

    I was on an evaluation team that was charged with determining how well a government program had addressed a "shortage" of a specific skill set. On the committee was an economist from a big university. He opened the meeting with the comment: There is no shortage; the government is just not willing to pay market value.

    --

    I'd rather have someone respond than be modded up.

  18. Seriously! Pay really is the issue!!! by Desmoden · · Score: 4, Interesting

    I would LOVE to go back to school, get a doctorate in physics and work in the field doing ANYTHING related to physics.

    Instead I'm a Engineer hiding in a marketing dept happily making between 150-200k/year and I spend my lunch and weekends madly reading about physics, politics, ancient history, all the things that I really love, and would love to get paid to do.

    Instead I write white papers, talk at conferences, run tests on hardware that I love, and I do for the most part love my job. But I would SOOO much rather being working for the DOD, or a school, or anyone, doing research. But I can't live on what they make.

    And so I remain an engineer hiding in marketing eagerly awaiting Brian Greene's next talk :)

  19. Re:how many scientists are enough? by repapetilto · · Score: 4, Interesting

    Smoking cigarettes makes it less likely you will ever get parkinsons (source). Which chemical is it, nicotine, harmaline, what? At first noone knew... its probably nicotine. How is it doing this? Theres a crapload of different versions of nicotinic receptors, is somehow interacting with a specific protein that makes up one of them (seems most likely) or even sticking to some other thing in your body and changing what that protein/whatever does (less likely)? Probably nicotinic receptors... which kind? Theyre made of combinations of 5 different proteins that arrange together to form the receptor, theres 17 proteins that could be part of these that could theoretically arrange in any combination you want...someone had to narrow down the possibililties. So ok theres only like 6 different combinations of these subunits we find in the parts of the brain that are supposedly involved in parkinsons (knowing which parts were involved was its own whole multimillion dollar expenditure) which one (or maybe more than one) of those is what nicotine is interacting with to make smokers less likely to develop Parkinson's? Probably ones containing a4B2 (alpha4 and beta2 are names for 2 of the 17 possible subunits). Whats special about those? What type of neurons are they located on? Is nicotine doing this at the cell surface... or getting into the cell and doing something before these receptors even reach the surface? Is it increasing synthesis of these, or decreasing degradation? Where exactly is it sticking... how is the binding site shaped and what amino acids are involved... and what chemical and structural properties should a chemical have to make this anti-parkinsonian effect happen?

    Once you know that, you can design a drug to fit, but then you also want to figure out how to make it also have chemical and structural properties that make it not altered to some nonfunctional form by your liver enzymes, pass the blood brain barrier, etc, that way people can just down a pill rather than get shots... or worse need to get the drug injected into their central nervous system in some way.

    Its all very boring to anyone who doesnt like a good, complex mystery... but someone should be doing it because there are ways to figure out each step of the way (it might take a couple years and a bunch of money but its doable). And this isnt even my field.

  20. Re:Really by that_itch_kid · · Score: 5, Informative

    Not trying to contradict what you're saying (because I fully agree), just thought I'd be anal and point out that your theorem only holds true for x > 4. ;)

  21. Re:how many scientists are enough? by Sparky+McGruff · · Score: 5, Funny

    That's totally useless. What we really need to know is how to package lots of bad loans into a derivative and make it worth a fortune. That and how to hide a CEO's income from the IRS. This science stuff just pollutes the mind, and distracts us from putting more money into another Wall Street shell game.

  22. Re:Really by AuMatar · · Score: 4, Insightful

    Its solvable by a simple law- no employee of a corporation may be paid more than 10x the average employee. So if the CEO wants that raise, everyone gets a raise. It also stops outsourcing, as if the CEO wants to make megabucks, he has to pay those workers as much as he would US workers.

    --
    I still have more fans than freaks. WTF is wrong with you people?
  23. Very soon, most people not needed. by Maxo-Texas · · Score: 5, Interesting

    Once we get decent robots (and they can now pick loose nuts out of a bin), 99% of jobs (even low skill ones) go away.
    Buy a grocery shelf stocker robot for $50k and let go 6 people. It's never sick and works on holidays.
    50 stockers lose their job and are replaced by one repairman-- but with proper design, even he is a minimum wagejob ("check code: A5, replace module 3")
    If you can read a piece of paper and enter numbers, your job is threatened in the near future.

    We have to find a better way than scarcity to distribute time at the beach, good food, and other resources or it is going to get extremely ugly within the next 20 to 30 years.

    Too many people- no value to society- 1% of people having stuff- 99% of people not having stuff. Historically that doesn't go well.

    --
    She was like chocolate when she drank... semi-sweet at first and then increasingly bitter.
  24. And what's this? by Dr.+Cody · · Score: 4, Funny

    Holy shit... I just had the best f*cking cage match idea ever.

    I see we have a business major chiming in.

  25. Re:Really by TheRaven64 · · Score: 4, Insightful

    There's a simple way of preventing that, which I proposed a few years ago. Pay the CEO bonus in arrears. Give them a reasonable (but not excessive) salary which they collect every year. For each year, they then get three bonuses paid two, five, and ten years later based on the company's value at the time that the bonus is paid. The proportional size of each bonus increase, so they might get the value of 2000 shares after two years, 5000 after five and so on.

    If you make short-term decisions then you may get the first bonus, but the second and third are likely to be very small. If you make medium term decisions then you get the a large second one (which will be larger than a large first bonus), and if you make long term decisions then you end up with the most money at the end.

    This also has the benefit, if advertised before hiring, of working to select CEOs who think in the longer term. Someone fixated on short-term success will look at an advert for a position where the total renumeration for one year's work is paid over a decade and not be interested. Someone who is used to thinking in terms of decades will think it's an interesting challenge.

    This also encourages the CEO to train a competent successor, because their last bonus will not be paid until ten years after they have retired and so they have an incentive to select someone who will make the company value increase over the next decade.

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