Result 3: decline in medical research
If wages in the United States and other developed nations are reduced to the level of Bangladesh or Haiti in order for the US, etc.. to be competitive, that will reduce sales of goods and services by corporations because people won't be able to buy as many goods and services. The major economic decline can be expected to produce a reduction in medical research, so there will be fewer new treatments discovered per century to help top executives and major shareholders and their heirs.
Even drug research by the pharmaceutical companies will be greatly reduced. Pharmaceutical companies are doing a rather bad research job now, but that will become worse. Generally, pharmaceutical companies will research a genuinely new drug which has been invented by a university professor. However, they use most of their own research money on copy cat research which doesn't do much good. That is to say, they take a drug being sold by another pharmaceutical company and change a few molecules so the drug can be patented under a new name. However, the drug only does what the drug already on the market does, so all those research dollars are spent to produce something that doesn't improve health care.
There is a current trend which will make the medical research situation worse even if wages aren't forced down. In order for the universities to save money, There is a big push now for those universities to fire professors and switch to internet college courses presented by corporations.
The problem is that most of the basic research in biochemistry and medicine are done by professors at universities, and the professors develop most of the really helpful drugs. Therefore, the more the number of professors that are fired by the Universities in order to save money, the more of a decline in important medical research there will be.
The corporations which intend to market a large volume of Internet college courses are planning to do this by a great reduction in the number of college professors. That will mean that there will be far fewer new medical treatments coming out in the future.
For example, instead of really good cures for various cancers coming out in the next several decades if we maintain our research effort, we will probably have those really good cures for cancer only in centuries, if ever.
Jim
If wages in the United States and other developed nations are reduced to the level of Bangladesh or Haiti in order for the US, etc.. to be competitive, that will reduce sales of goods and services by corporations because people won't be able to buy as many goods and services. The major economic decline can be expected to produce a reduction in medical research, so there will be fewer new treatments discovered per century to help top executives and major shareholders and their heirs.
Even drug research by the pharmaceutical companies will be greatly reduced. Pharmaceutical companies are doing a rather bad research job now, but that will become worse. Generally, pharmaceutical companies will research a genuinely new drug which has been invented by a university professor. However, they use most of their own research money on copy cat research which doesn't do much good. That is to say, they take a drug being sold by another pharmaceutical company and change a few molecules so the drug can be patented under a new name. However, the drug only does what the drug already on the market does, so all those research dollars are spent to produce something that doesn't improve health care.
There is a current trend which will make the medical research situation worse even if wages aren't forced down. In order for the universities to save money, There is a big push now for those universities to fire professors and switch to internet college courses presented by corporations.
The problem is that most of the basic research in biochemistry and medicine are done by professors at universities, and the professors develop most of the really helpful drugs. Therefore, the more the number of professors that are fired by the Universities in order to save money, the more of a decline in important medical research there will be.
The corporations which intend to market a large volume of Internet college courses are planning to do this by a great reduction in the number of college professors. That will mean that there will be far fewer new medical treatments coming out in the future.
For example, instead of really good cures for various cancers coming out in the next several decades if we maintain our research effort, we will probably have those really good cures for cancer only in centuries, if ever.
Jim
