The key indicator of a Countries success? 💰

#20VC with Suno Co-Founder Mikey Shulman. Link in bio.
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#HarryStebbings #Business #businesstips #businessadvice #entrepreneur #ceo #startup #founder #entrepreneurship #worldnews #economics #worldevents #economy #worldeconomy #geopolitics

[MohsinUlAminKhan]

When a business is run by engineers it's growing, when it's run by accountants it's stagnant, when it's run by lawyers it's dying.

[davidlang]

Case in point: Boeing.
Boeing’s best years were when engineers ran the company.
Later, in the eighties, non-engineers, viz. lawyers, MBA’s and accountants, ran the company.
Then things started to go downhill culminating in two new 737 Max crashing with total loss of lives.
Recently they appointed an engineer as CEO in an effort to recover its reputation. It’s not certain if it ever will.

[jmvh]

Countries grow when people have faith that the fruits of their labor will not be lost to crime and corruption.

[markrowland]

In Henry Ford's 1927 auto biography, he related how he bought the railway that was failing to supply his mines, ships and factories. He fired the legals and paid out all claims for damaged and lost goods. That reduced costs and increased trade. That independent enterprise was declined membership of the rail freight association. His trains were unloaded directly on three levels at River Ruge.

[gurupi]

Also innovation vs corruption very strongly affects growth. Recent nobel prize on it.

If you can't trust anyone with anything, you need a lot of expensive lawyers and enforcers just to survive. When you can generally trust and have basic infrastructure for innovation, you can invest in growth

[daviddickey]

One shouldnt be too idealistic. When the salaries for engineers exceeds the salaries for lawyers, only then should one endeavor to go into engineering. If it's actually worth something to people, they'll pay for it.

[davidkosa]

An example of how valid statistics can support an erroneous conclusion.

[Glehost]

45 year lawyer here. I wish I could find the SOB responsible for ruining lawyers’ reputations. There are a few bad apples in all professions, we have a procedure in place to take care of bad apples and disbar them if necessary. Despite all of the jokes, exaggerations, hyperbole, ours is an honorable profession. There are a few habits you need to learn early and never forget. Give a damn about helping others out of a jam; work hard; gain a reputation with other lawyers and judges for keeping your word; return phone calls from clients, lawyers, judges, asap; and let your clients know you care by being responsive. Be responsive. It is the most valuable tool in your desk, and thank God it is free. It is a sturdy foundation upon which to build up those other good habits. If you can do these things, you don’t have to be very smart but you’ll be the most successful lawyer in town.

[runningman]

Lawyers are only needed because of bureaucracy created by the state. Therefore, the more bureaucratic a country is the more difficult it is to get things done which leads to poor growth.

[jstenberg]

I did a similar analysis. My work came down to a "cleanliness rating" for the police and judicary. Bribary culture was is an absolute growth killer.

[troyclay]

Totally makes sense. Lawyers generally suppress business. Engineers design and build products and structures.

[BlankQuest]

Because lawyers focused on limits while engineers focus how to increase a limit

[kennethhodge]

There's this famous economics book from 1776 by this guy Adam Smith saying that more innovation equals more productivity.

[sjoncb]

*Government Corruption* Colonialism plays a huge part in country development.

[lpk-dk]

I'm from Kenya and we have too many lawyers in this country. We have even more lawyers than professional Accountants and Engineers by far.

Having many lawyers in your system creates bureaucracy and corruption. A lot of corruption.

[Dj-qqmf]

By this logic India should be a superpower 🫡

[jacobmaynor]

Lawyers help you get more of the pie. Engineers make the pie bigger

[alzheimerdinger]

Bro went Shleifer, the Sky Dragon of Europe 🤣😂

[doyleward]

It speaks volumes about the US government. So many lawyers.

[geraldstephens]

Ask Iceland, more lawyers than engineers. Can't make the geothermal work after getting it perfected 20 years ago