Alexander Hamilton, Report on Manufactures - 1791
Alexander Hamilton almost single-handedly invented the American financial system by persuading the first US Congress to consolidate all state debt into a single national debt, create a national bank, and issue currency.
Hamilton believed that manufacturing was the key to the prosperity for the new United States and also recognized the need for a strong financial system to finance and support the expansion of production.
The recent era of financial engineering represented a repudiation of production as the basis for prosperity, substituting consumption in exchange. Hamilton is probably still turning over in his grave, but at least now there are signs of a return to his core principles.
According to an article in the New York Times titled With Finance Disgraced, Which Career Will Be King? “A new pattern of occupational choice seems to be emerging. Public service, government, the sciences and even teaching look to be winners, while fewer shiny, young minds are embarking on careers in finance and business consulting.”
University of Texas at Dallas (UTD) Enrollment – a leading indicator?
Is student enrollment in UTD’s engineering school a leading indicator of a significant shift in the value frameworks of young adults?
Recently, we had the honor of visiting with the new Dean and several faculty members at the University of Texas – Dallas (UTD) School of Engineering and Computer Science. We were very surprised to learn the Mechanical Engineering Department is their fastest growing department.
UTD’s Mechanical Engineer Department is less than one year old, but already has about 40 students. Enrollments by fall 2010 are projected to nearly quadruple the number of ME students to over 150. By the fall of 2011, enrollment is expected to quadruple again to more than 600.
We met with Dean Mark W. Spong, until recently the Director of the Center for Autonomous Engineering Systems and Robotics at Illinois University. Dean Spong told us UTD is seeing dramatically increased interest in science and engineering, especially Mechanical Engineering, Materials Science, and BioEngineering. He attributes much of this to recent economic trends and changes in the psychology of enrolling freshmen. Dean Spong mentioned three fields in which student’s perceive increased career opportunities:
2. Energy
3. Green / Ecological Efficiency
These fields are fertile ground for engineering and science majors and represent global technology markets that require mechanical engineering education and skills. They are also top priorities of the Obama administration and are receiving the greatest amount of funding from the American Recovery and Reinvestment Act.
History as a Lesson for the Future
During The Great Depression, Roosevelt put the nation back to work through the Works Process Administration and the tens of thousands of newly employed Americans that proceeded to build or rebuild countless schools, libraries, railroads, highways, and bridges including the Hoover Dam.
Science and Engineering also led the way during the space race and man’s landing on the moon. In those days, they were glamorous fields that attracted the best and brightest. The innovators of this age went on to create the technologies that define our civilization today.
Science and engineering represent the backbone of the American Dream, with the recent diversion into financial engineering clearly a “bridge to nowhere.” Engineers do interesting and important work, are well-paid and well thought of in their communities and make a difference to people and society as a whole.
That’s Why They Call it Work
During the early 70’s when I was choosing a career, money and stability were important since I already had a wife and baby. I wanted to do something that was also challenging and that would also support my family. I chose Computer Science because it was the closest thing to Robotics offered by my local community college.
I have always believed that you had to do real work, make a real contribution, in order to have a rewarding and secure career. For me real work is hard, it takes a lot of passion, commitment and perseverance, but it is worth it. Real work creates something that is real, something that is valuable and useful to others, that improves their lives by solving real problems or creating new opportunities.
In my experience, the greatest rewards are found in the work when it is done, rather than when it is being done. When you make or build something that has real value to others the rewards from seeing them use it to are much greater than money.
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