Dynamite Economy (3) -- Expired Growth Engines

3. Expired Growth Engines

Over the last thirty years, there were endless new electronics devices that fit everyone’s needs, buying power. Immense new consumption thus created.

This no longer is the reality. The reality is that most of the new products, such as LCD screen, MP3 players, digital cameras, are simpler to manufacture, many assembly workers lost their jobs, small photo-shops also closed down. This impacted the roots of jobs creation, which is the most important driving force for any sustainable economic development.

Darling of venture funds, Biotechnology, is not a solution. It was made clear then in 2001, that it is not a solution. In 2006, with deeper understanding, i submitted that Biotech is merely an extension of medicine and herbalists, improving agricultural produce, health and healing. It is important for animal kingdom and civilization alike. But it is unlikely people will spend 10% of their disposable income, swallow 200 gm of drugs, change a few organs in their life time. This is the yardstick electronics industry demonstrated in order to be a significant economic force.

Bio-tech will progress
but will never be a pillar of economy!
even though may be a pillar for human well-being
The change of R&D directions of Singapore underlines this point.