> No one seems to be building anything
The article is literally about ASML, the company that builds the most complex machine ever built by humans.
I can pick a couple of other companies across a wide variety of industries if you'd like.
The article is literally about ASML, the company that builds the most complex machine ever built by humans.
I can pick a couple of other companies across a wide variety of industries if you'd like.
An economy is there for the people. If that larger number of people have a higher quality of life than in the US, aren't they wealthier?
And if they do it for less money, aren't they wiser?
> They invented the Industrial Revolution.
And a lot more, my friend! You're welcome.
It's a little unclear how it shakes out there.
I've met a number of young western Europeans while traveling there who are jealous of the ability of Americans to afford cross-ocean/different-continent multi-week trips to tier-1-hotel-cost cities, while feeling like it's more out of reach to them to find a job that would let them. (Phrasing edited here because, as a reply pointed out, "international" travel in Europe is easy and common due to proximity.)
On the flip side, those people also enjoy having much more time off. But hey, at least American isn't as 996'd as China yet?
There's no single linear "better" scale.
(There are, of course, many Americans without the means to travel to Europe or Asia themselves, who could give two shits about an "innovative" company being based in the US vs anywhere else since it doesn't seem to be helping them personally, but the overall mobility is still higher for now. But that's more due to the age of the country than anything else. History suggests that as low-hanging-fruit continues to close the US will also get more and more of that social stagnation too. It's easier to become upper class when you go to a place without an upper class yet.)
The statistics tell a story different from those anecdotes: young Europeans are considerably more internationally traveled than young Americans, probably by something approaching a factor of ~2 in the likelihood of crossing national borders in a given year. But they're not necessarily twice as geographically well-traveled. Much of the difference is due to Europe's small countries, open borders, dense transportation network, and cheap short-haul international travel.
Look up what percentage of Americans between 25 - 34 have never traveled outside their own country, vs. Europeans in western or Northern European countries.
etc.
Means and using those means for any given particular end are entirely different things. It's hardly surprising that Americans are generally insular and uninterested in non-American things. (This is not a good thing IMO. But it's a thing.)
But more importantly, like you say, "interntional travel" in Europe includes, say, "going to the UK from France" vs the overseas 5-to-10hr+ flights that are required to cross the Atlantic to have these conversations in my anecdotes.
That's my bad for saying "international" instead of "cross-ocean" or such. So let me clarify that the jealousy here is being able to pay for flights and hotels to spend 2+ weeks across an ocean in cities with $100-or-equiv-per-night-to-$300+-per-night hotel costs. They didn't think they'd ever be able to afford a similar trip to SF or NY.
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The non-anecodotal version of this story would likely be the rise in social-acceptance and popularity of the more right-wing parties in Europe. A lot of people, younger especially, feel like they're getting left behind and aren't interested in mostly-older or born-into-more-money people's generic remarks about how it's still great overall for them.
K-shaped economies + "stay in your lane" are how you get Trumps :(
Not that hard as a European.
Anecdotally, I think it’s out of reach for many young Americans in my cohort (26) but we’re insulated from that in tech
Europeans have time for traveling but not money. A third of Europeans can’t even afford a one week holiday.
It's true that most of us in Europe get more time off but we don't really get more to spend on expensive holidays. We don't have the culture of spending thousands upon thousands on holidays. Most of us think it's crazy to spend that much on travel and do it much more frugally which means we get more but at a lower level of luxury.
https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)...
But no one cares about gpd per capita
Maybe. I have citizenship in Switzerland and America. I aim politically active in both. That doesn’t give me authority—but it does afford me perspective.
And no. Europe is poorer than America. Comparable measures show the effect one would expect.
> unless someone pulls up actual stats on quality of life
These exist. Individual numbers slope as one would expect.
If you’re poor, Europe is better. If you’re middle class, it’s debatably, but probably Europe. If you’re rich, by which I mean you make a few hundred thousand a year or more, America. Obviously.
This depends entirely on which USA state is being compared. Many USA states have healthcare, education, and social safety nets that rival or exceed typical European benefits. Massachusetts, Connecticut, New York, Vermont, for example.
This is what most Quality of Life America/Europe arguments on Hacker News boil down to. Overrepresentation of rich people. America has more upward redistribution of wealth. Ergo America is better.
Anyone can take time off work and go on vacation. That is certainly more enjoyable. But it's not an economic plan for high living standards in the future.
Europe is going to have a difficult winter. You are going to see announcements of government benefit cuts, higher costs, and this will continue up until the "high standard of living" in Europe catches up with the realities of economic output.
Europe didn't choose to do that.
The top ten companies by revenue, worldwide, features zero European companies.
We in Europe cheer our meddling technocratic leadership while sneering at American risk taking and innovation. We have a fundamental cultural malaise, and those of my friends who feel the same as me have simply left Europe for a better life in the US or other dynamic economies.
At this point I feel like a stick in the mud for staying here, and quite honestly, I worry for my children's future here.
edit: In all seriousness, some numbers I'm concerned about for children are the
- % of carbon in the atmosphere
- the number of militaristic demagogues in positions of power
- the number of hours the average person spends reading propaganda on social media
- the parts per million of microplastics in drinking water
- the democracy index
The sum of dollars consumed, dollars invested, dollars spent by governments, and net exports is a weird proxy signal to obsess over
I think doing so would introduce far more risks to them. Space ain't friendly.
Beyond that I find it hard to care to drive anyone to work their ass off today for whatever humans are around 100+ years in the future. And, of course, more technological development brings more chance of mass self-inflicted die-off of humanity anyway. In 1900 it would've been much harder to kill 10%, 20%, 50%, 90% of the global population than it is today.
Everything is death eventually. And predicting the future is hard.
That’s not what I’m advocating. I’m not even proposing a global prioritization of goals. What I’m advocating is simply to not attempt to slow or halt the progress of technology.
But when such a pull exists, it's very hard to counter that. Consider the number of non-SV places in the US that have tried to replicate that environment and basically failed. Even the famously "business friendly" places like Texas or Georgia that are success stories for poaching tech companies or film production largely work by having companies move there once they've left the high-growth phase and are no longer chasing strictly the most ambitious would-be-best-and-brightest talent.
The success stories there (that aren't just resource-extraction) have come from significant protectionism, essentially forcing a country to build its own version of the mega-companies even if it's a money-loser with copycats building shoddy copies for decades at first.
There's no easy way for Europe to magically change that with "culture." There's too many already-established mega-talent-bases in other places to think you can have people just pass up on that in a fully-global-market situation.
I would ask instead: why let those foreign mega-corps be so integral to so many basic services of modern life?
Perhaps not just Europe, but the entire world, would be better off if we had fewer monoliths and more variations, with more flexibility for local markets to develop different solutions or in different directions.
> The top ten companies by revenue, worldwide, features zero European companies.
There were 17 European companies in the top 50 in 2006, 13 in 2016, 10 in 2026. Most of the remaining companies are automotive and energy (oil). None is tech. ASML isn't even in the top 100 in Europe.
Japan is the same story. There are 7 companies in the top 50 in 2006. The only remaining one in 2026 is Toyota. None is tech.
China's share has increased from 2 companies in 2006 to 12 in 2006.
In other words, China's progress and the importance of tech, along with the decline of automobile and energy accurately reflect how the global economy has changed.
(Side question: how much AI does my comment sound?)
Source: you can find plenty. Start with Fortune 500
The nominal GDP per capita of the United States is about $86,000, while China's is about $13,400. Even if China has a bunch of companies in the top 50, it is still many many many many times better to live in the US, economically speaking. Even if you switch to PPP, China will roughly double to $25,000. Still, the US is way ahead.
China and the US are continent-scale megastates. Obviously a mid-sized Atlantic island like the UK, or smallish peninsula like Italy, are not going to compete on scale.
> In 1997, ASML began studying a shift to using extreme ultraviolet.[7] Two years later, it joined a consortium, which included Intel and two other U.S. chipmakers, in order to exploit fundamental research conducted by the US Department of Energy. Because the Cooperative Research and Development Agreement (CRADA) it operates under is funded by the US government, licensing must be approved by Congress.[14] Furthermore, in return for being permitted to join this consortium, ASML committed to the establishment of a US-based research center and to source 55 percent of components for all machines sold in the US from American suppliers.[7] ASML collaborated with various manufacturers to obtain mirrors, including the Belgian firms IMEC and Sematech as well as Germany's Carl Zeiss.[14][15]
ed: and also to the above point, those optics companies look frightfully european...
ASML is definitely a fully globalist enterprise.
That includes the majority of the big tech companies, and why the US tends to throw money on importing expertise for these companies (for example AI frontier labs).
Yet Europe is stagnant.