Basic economics: the more you export, the richer you are.
Since we don't export physical goods much anymore, that belongs to Asian countries, then we need to find something else to export. Otherwise, we'd just be consumers and send our dollars to foreign countries.
I was thinking about the software industry where we most definitely have a lead on above all other countries. Microsoft, Apple, Facebook, Google, IBM, Oracle all possess the best software engineers in the world.
If we can sell our software such as CRMs, ERPs, security software, operating systems, etc. to emerging countries that will inevitably need them, then we stand a chance of competing in the open market for money. Software are mostly subscription based so revenue is always streaming. The profit margin is also high. And the great thing about it is we'll still have most of our natural resources because we aren't making anything physical.
What can the U.S. do to help us achieve this goal? Open up more visas for highly talented engineers?
Since we don't export physical goods much anymore, that belongs to Asian countries, then we need to find something else to export. Otherwise, we'd just be consumers and send our dollars to foreign countries.
I was thinking about the software industry where we most definitely have a lead on above all other countries. Microsoft, Apple, Facebook, Google, IBM, Oracle all possess the best software engineers in the world.
If we can sell our software such as CRMs, ERPs, security software, operating systems, etc. to emerging countries that will inevitably need them, then we stand a chance of competing in the open market for money. Software are mostly subscription based so revenue is always streaming. The profit margin is also high. And the great thing about it is we'll still have most of our natural resources because we aren't making anything physical.
What can the U.S. do to help us achieve this goal? Open up more visas for highly talented engineers?
Last edited: