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Politics : Sioux Nation
DJT 10.73+2.5%Dec 16 3:59 PM EST
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To: Wharf Rat who wrote (63445)4/8/2006 11:26:16 PM
From: Wharf Rat  Read Replies (1) of 361609
 
FTX on Sat Apr 08 at 6:15 PM EST
I'm continually puzzled by the disparity between the earnings of top engineers/scientists and those in the finance sector (and I come from the latter). It seems to be just one more indicator of how imbalanced our modern society has become.
Now, I confess I don't know exactly how much a top petroleum geologist is paid, but I suspect it's substantially less than even a mid-level employee in investment banking. In the UK, some 3000 City of London financial workers were reported to have received bonuses of 1m GBP ($1.74m) this winter.

Many of these people are extremely bright and well-educated, but certainly no more so than skilled petroleum engineers and scientists. And unlike in the energy industry, there's no shortage of them. With the incredible amount of money bouncing around the oil sector, why aren't the top engineers being paid in seven figures?

Part of the shortage of scientists in the energy sector is probably being exacerbated by the finance sector itself. My son is due to start reading Chemistry at Oxford in October, and already he's being tempted by overtures from the banking sector, with promises of earnings he could never expect to make in the scientific field (the mathematical and analytical skills of chemists/physicists are highly valued in the development of modern trading systems).

Something needs to change. We ought to have the brightest minds on the planet working on solutions to the growing threats to economic stability from resource depletion, instead of dreaming up ever-more sophisticated derivatives strategies.

And they should be rewarded accordingly.
theoildrum.com
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