I have a feeling it's a good thing that game developers don't work on curing cancer. I know this isn't what the article is about, but the headline makes it sound so.
I call it the Fart App Generation. Triviality rules the day. People make money selling whoopee cushions too. And if you find meaning in that, then more power to you. It's not for me though.
I fail to see the problem with that. If people prefer "bright minds" to work on cancer cures rather than on new casual games, why don't we make a $5 app to sponsor cancer research and see how well it sells?
My conclusion is, that most people simply aren't bothered with cancer research until they get it (apparently in these areas, about 50% of the population do at some point in their lives).
> My conclusion is, that most people simply aren't bothered with cancer research until they get it
This is part of the problem, coupled with the "immediate reward versus distant punishment" bias. Another is the obvious tragedy of the commons here. Once the research is successful it also benefits those who chose not to contribute so fund it please while I spend my $5 on a tasty cookie.
How is this a generational thing, in the social sense? Maybe it's just the fact that as we manage to get more and more productive and automate more and more of our work, we have to invent more and more needs for people to spend their money on, to keep the majority of the adult workforce employed. Eventually we get really diminishing returns, providing services and products that seem frivolous to most people at a second glance.
Brain power is not a fungible resource. You cannot divert excess brain power to any task you choose. It's a highly specific, highly targeted resource which seems to me to be horribly capricious and (ironically?) irrational in its choice of target.
In other words, the answer for any app entrepreneur when asked "Why didn't you work on a cure for cancer?" is simply "Well, I didn't think of that. I thought of an app."
I like the apparent contradiction in the Telegraph article too:
"Hackers/entrepreneurs used to invent revolutionary things like the PC!"
"People are only using personal computing devices for trivialities!"
Either personal computing was a great idea or it's a platform for the trivial and banal, you can't have it both ways.
I understood the article as less saying "People are only using personal computing devices for trivialities!", more saying "Entrepreneurs are building businesses with little to no real positive impact on the world".
Obviously the PC is revolutionary given that people can now do things that were impossible/difficult before, like meeting people from disparate communities (see: HN), freely communicating with distant family/friends, becoming citizen journalists through blogging, finding their place in hard-to-find or sparsely-located communities, so on.
I just wish that societally we would put more of a financial emphasis on things that deliver the most social utility. That would solve the gradient problem, and still deliver efficiency since people would have different competitive advantage.
I think games are something of a poor example, since they clearly do bring happiness to people at least, but the financial industry seems to spend inordinate amounts of energy and human capital shaving milliseconds and tenths of a percent off trading strategies.
Imagine if we had some of those people being paid $300k salary + $300k bonus instead working on vaccines, or new antibiotics? Clearly the skills aren't transferrable, but there's a brain drain to finance that is unfortunate, and I think startups suffer some of the same social-good-to-reward-ratio problems
Those milliseconds being shaved off forex trading are the reason that commercial and retail spreads are much tighter than they were a decade ago.
When currencies were priced every second market makers had to set a spread that would protect them from market variance within that one-second period, as that time period shrunk the amount of risk dropped as did the spreads.
Think about the thousands of currency transactions that had to happen for your smartphone to exist. It makes a huge difference to international trade when you can pay a lower premium to exchange currencies.
Just because you don't understand the value something provides, it doesn't mean that it doesn't provide it.
Just because you don't understand the value something provides, it doesn't mean that it doesn't provide it.
I don't think the argument is that these optimisations don't bring value; it's that they don't bring as much value to society as an effective cancer treatment, or a new technology that cheaply and cleanly purifies water, or [insert other breakthrough here].
I think it's more about the ratio of value created vs. value extracted. Sure, more efficient markets create some benefits for the rest of us, but those benefits are the crumbs under the market makers' tables. So we get slightly better smart phones, huh? Whoop de do. That's a benefit very close to zero. If I had to choose between a new smart phone and one scoop of good ice cream, even for an equal price, I'd go for the ice cream. On the flip side, for that "amazing increase in market efficiency" quite a few financiers end up making nine or even ten figures. Which part of that really motivates them? Which part has a greater effect on society (a negative one BTW) ten years from now?
People who dismiss the value of complex derivatives and HFT and other Wall Street shenanigans don't necessarily lack understanding, and it's obnoxious to say so. They just add perspective to that understanding. People who obsess over prices and ignore true value are sociopaths and should be dealt with as such.
I've never understood the claim that "market makers" are providing a valuable service in the stock market by providing liquidity and reducing spreads. If this is a necessary service, why aren't there market makers in every market?
My local grocery wants to sell bananas for $1.50 a pound, but I only want to pay $1.00. Why isn't there a market maker buying and selling these bananas thousands of times per second to reduce the spread between me and my grocer so we can meet in the middle?
oh right, it's because the market takes care of that for us. If others are happy paying $1.50 the grocer will stay at that price and I'll have to accept it or go without my bananas. If most buyers agree with me the grocer will have to lower their price if they want to sell the bananas. No market maker is needed.
I don't see the value; I never have. I understand that the market maker is able to extract profit from the spread, but they keep that for themselves. The original buyer and seller don't gain anything they wouldn't have gained otherwise, and it seems likely that one or both of them lose out on a share of that spread-profit.
I don't even own stock, but I believe the "value" is as simple as a reduction in the price for the buyer, along with an increase in liquidity for the seller, along with a reduction of the spread for both (which should make it easier to budget and make predictions).
I don't think that's true. It's certainly more convenient for me to go the grocer and know that, usually, they'll have bananas for sale. However, during the summer in my town there is a farmers market every week, where I actually can go and buy produce off the back of a truck. The prices are often cheaper and the products are often better. (Sometimes the prices are higher, but that's because the products are better: organic, varieties that don't ship well, etc.)
I can take this one step further, and actually go to many of the farms around here to buy produce right off the plants, by picking it myself. Even less convenient, but it makes for a nice weekend outing, and the prices are even cheaper.
Note that in both cases the prices drop for me and stay the same for the farmer by cutting out middle-men: the shippers, the grocer. By your terms, those are the market makers, and while they make produce commerce more convenient they're certainly not reducing costs for anyone. They're taking profits out of the parties on the two ends of the transaction.
I'll grant you that, in my example, the middle-men provide an essential service by giving me access to produce that is not produced locally, and by making that access more convenient. Neither of those apply to the financial markets though: as purely information-driven markets, they're accessible 24/7 from anyplace in the world. So again, what value are the market makers actually providing to the buyers and sellers of financial products?
Fair enough, the words about cheaper are arguable. I wouldn't want to try to buy bananas in a world where there was no one willing to take them off the truck and hold them for a few days though.
As far as financial markets, reliable prices are worth something (even though a reliable price is 'just information'). I agree that in heavily traded instruments, providing liquidity becomes a fairly abstract value, but if you are a large institution, having someone that will readily purchase enormous amounts of shares is a valuable service. For a lightly traded instrument, being able to sell it is also a valuable service.
I don't see enormous value in having lots of people spending lots of money chasing pennies, but I have trouble getting worked up about it. I suppose what it comes down to is that I am skeptical that rules designating who gets the tiny bit of slop available in financial transactions will be any more fair than the present system (where various HFTs are competing for the slop, often by essentially offering some of it to the parties in the transaction...).
If you're a large institution, and you want to sell an enormous amount of shares in some stock, the price of that stock should plummet if there aren't buyers available at the price you want to sell. Having a market maker buy those shares is hiding the fact that a huge position in the stock was just dumped and no one wanted to buy. Sucks for the company, but if you're not attractive to buyers or to the seller, then your market valuation was already wrong.
This would also curb the behavior of the large institution. They shouldn't be able to dump all of their holdings of a stock like that at a high price if there aren't real buyers at that price. The institution should be forced to chase the price down to pick up enough buyers for the whole position. If they still can't move it all, then they're holding a worthless stock. Sucks for them, but investing is a gamble and sometimes you lose your investment. You should've invested in a more valuable company.
The theme I'm getting at is that I think that market makers definitely alter the dynamics of the market, as they claim to, but contrary to their claims they do it in a way that benefits themselves and other financial institutions to the detriment of non-financial-industry investors and the companies and other real-value instruments (bond originators, mortgage borrowers, etc) being traded.
What is not real about the automated system? As far as I know, they pay real dollars. Is it the fact that the bet on the shares is short term?
There are some issues with HFT that I don't like, where different players are getting different access to information. Beyond that, I have trouble with the argument that parties that aren't me should have to engage in transactions that I like the shape of (or the other way around, should be prevented from engaging in transactions that I don't like. I'm using transaction here in the sense that both parties are acting freely...).
You seem to be confusing a few different things here.
One of the fundamental purpose of a market maker is ensuring that both the supply and demand sides are capable of transacting when they want to, even if the supply and demand side don't necessarily want to trade at the same time.
So say the farmer only wants to sell bananas on a Monday and you only want to buy them on Thursday, so you can never do the transaction. So your grocer by buying the bananas when they're available and selling to them when you want them is in fact taking on some of the role of a market maker.
The reason that bananas don't need high-speed market making however is that the underlying supply and demand for bananas is pretty stable (I'm just guessing here; I don't know anything about the banana market). With currencies the supply and demand is in constant shift, everything from news events to someone making an online purchase in a foreign currency contributes to the shift. So a large part of the premium you pay for currencies is to manage that risk of the underlying supply/demand shifting. So by reducing that risk you can have lower premiums.
Say your grocer bought their bananas at $1 and was selling them at $1.50, what percentage of that 50 cents do you think goes towards managing the risk that the demand for bananas will collapse and the bananas might not be worth $1 any more ? - I'm guessing none of it because the bananas will likely spoil before the price of bananas shifts that much. Hence reducing that risk is pointless in the banana market.
On the other hand, if your local grocery wants to sell bananas for $1.00 a pound tomorrow (because the have no banana today), but you want to pay $1.50 but you need them now (because you have a party), then someone with a scooter and a nearby warehouse can go and find some bananas for you (at $1.50) and replenish the banana stock tomorrow (at $1.00). Probably this business will not work with bananas, because bananas rote, the fuel cost and the time someone has to sit in front of the groceries. It's easier to implement with stocks and bonds.
Some ask, "Why can't these minds be contributing more to society?" I find that they often are, by being good parents, citizens, volunteers, donors. A similar vein of thought might be applied to the talent in the financial industry.
I mentioned on Twitter how my earlier pitches for what I'm working on focused a lot more on the reasons I'm doing it... attacking loneliness in cities and densely populated areas, and inspiring people to pursue their interests.
As the pitches to users and investors evolved, I realised I'd moved a long way from this and now mention just the numbers, just the personal benefits to the user.
No-one seems to care so much for any wider benefit... just the selfish* ones.
I haven't lost my faith, but I hope to build what I believe in as fait accompli rather than something needing individuals to think beyond themselves.
* Dictionary meaning, no offence intended or meant
It's not about selfishness, it's just that most easy problems got solved, and we're left with really really hard ones.
Cancer is so mind-boggingly complex that one person cannot even begin to look at ways to solve it on his own.
Think about web developers, for example. We can either develop some SaaS website in 6 months that will bring us something like $500/month, or we can attack the cancer problem for 30 years and pretty much guaranteed to get nowhere.
Or, just throwing this out there as an option, you could solve any problem for a physician's practice -- like, say, patients not complying with their treatment regimen by failing to make scheduled check ups. You might even be able to do that with a SaaS app.
Granted, it won't cure cancer, but you'll save more lives at the margin than doing Zynga ads. (And, n.b., healthcare clients often have more than $500 available to spend.)
Yes, there are a lot of outstanding problems with simple solutions that aren't hard in any practical way. The problem is that we want (I want?) headline-making accomplishment and intellectual gratification.
Great point, but the government seems to be hell-bent on making this impossible through laws like HIPAA, so while it may indeed be possible to make, the government is going to fight against you every single step of the way.
HIPAA is almost the perfect example of pg's schlep blindness thesis. (See article of same name.)
Is it annoying? Yes. Does it add cost and complexity? Yes. Are any of the requirements of dubious to nil security value in many cases? Yes. (+)
But HIPAA is not a barrier like "create a meaningful application from nothing" or "successfully navigate an enterprise sales purchasing process" is a barrier. After you've got a handle on what it asks you to do it is really anticlimactic.
+ I am required to have a document which explicitly states that I will discipline myself most severely for misuse of patient information. No joke.
Patrick you've put yourself in a relatively unusual position of being both a full-stack software developer / marketer and actually knowing the market.
It's struck me that part of the reason people don't try to solve these types of problems because they just don't know the market at all. They solve problems they have exposure to.
Knowing what you know, do you think there's any scope for a "Meet the Market" mini-conference where people with actual problems (and budget) from, say, medecine come along and give a lecture on what problems they'd pay to have solved? Do you think that purchasers have enough knowledge about their own problems that they could verbalise them such that people could help solve them?
I think Patric has the point about going and solving real problems AND making money in the process. A miniconference is the lazy route because you are going to see needs filtered through someone else's point of view. If you are going to develope a product it has to be from your point of view and the needs you feel are uncovered.
I've been working in a market that is not going to change the word, but it's very far from my expertice field. I'll say that sometimes "experts" are so entrenched on the existing conditions(or they have too much to risk) that you need a child yelling that the king is naked, to bring light into the room.
To find problems to solve, you only need to walk with your eyes open, and listen when people talk. There are so many broken processes out there that it's overwelming.
The company I work for does exactly this actually, and there are others like us. The problem is that due to heavy regulations/HIPAA, we have to sell our services to companies who can use it with their provided insurance.
You can't just set up a service with a Facebook log in and have people connecting medical information, so it's not something that's going to end up getting viral or posted on blogs or TechCrunch, and the only people that are going to see your service are the ones that work for our clients.
I can't even put 99% of what I do on a regular basis into a portfolio or anything because of these regulations.
I guess my point is there _are_ companies doing things like this, while being successful and social conscious, they just won't be publicized like Angry Birds or the Find-Vegan-Bacon-In-SF-Apps.
Making software for government is like a two year bidding process. The barriers to entry are incredibly high when it should just be a case of, "Okay, you want X Y and Z as your most critical features, let's keep the initial product small, we can add features as we go along. It'll be done in two months and then we'll iterate."
Instead it's more like, "We're going to have bids for two years for the project and then we're going to want everything done in one pass."
The NHS tried to update their computer systems a while back, it cost them £12 billion and two contractors dropped out of the contract because they were being too difficult to work with. It's still not, I believe, fully deployed.
The BBC tried updating their media management system.... DMI, I believe it was called. And spent £98.5 million on it only to not get the product at the end of the day....
All for things that a reasonable software company could probably have done by iterating over features on a basic product fairly easily.
Then you have things like the Police computer system - which is laughable in its antiquity and difficulty to use. I think there was an article on here quite recently about the awful 911 system.
You know? Things need to change concerning regulation before I think we're going to be able to adequately address those sorts of problems. Otherwise you're going to get these monster projects that effectively have to be done all in one go, which seems like a recipe for disaster.
The not-so-subtle subtext was that "I, erm, actually sell software which does pretty much exactly this." The how, in relevant fashion: create software which does appointment reminding phone calls for, without loss of generality, HVAC contractors. Read up on HIPAA requirements and talk to people who've done it before. Do some very boring paperwork and not-all-that-impressive technical work for ticking off the boxes. Start landing hospital clients, through a combination of slackadaiscal meat-and-potatoes SEO and being a lot more hungry for their business at the low end than the competition is.
I don't typically compete in or win two year bid cycles. I go after smaller projects in the $X,000 to $X0,000 a year range. The sales process often involves convincing a single nurse or office manager that I'm not some slick sales guy from the big city who is going to sell her $10,000 of software where she needs $2,000 and then never be there for her if it breaks.
Your mileage (kilometerage?) may vary in the United Kingdom.
In the 80's, 90's and into the 00's, we fleshed out a lot of the tough-but-solvable pieces of the puzzle. Now we're left with either very easy pieces (local events, photo sharing, Angry Birds, ...) or the problems that stumped everyone (Semantic Web).
The hard problems do have a few crazy people attempting them, but they get very little support -- as opposed to support and often funding for an app that lets you share your cat pictures.
And I think that's why we're in a lull. HN itself has become boring. (Have you noticed?) Without the crazy research kamikazes, we aren't going anywhere.
Not picking you out specifically, just this post caught my eye.
We have (essentially) cured certain types of cancer. Testicular for men, skin melanoma in general, Hodgkin's lymphoma in young people. We are making tons of progress in cancer research, and we are making tons of difference in both quality of life, length of life, and survivability. Heck, my mother died of cancer, one with bad statistics, but it was almost entirely painless, and the treatment was by and large not horrible. That wouldn't have been true just a few decades ago.
"We"? Some cancers have been cured, not by programmers, but by huge well funded teams of researches - biologists, chemists, administrators, lab technicians, interns, etc.
Sure, you could join such a team and possibly end up being a part of the cancer cure, if you're lucky.
That's quite different from what we see with solo projects and startups.
One reason: The thing about changing the world is, most people (including VCs) think it is possible only after it is done. So in their view, changing the world does not make them any money, because they don't believe they will change the world in the first place.
I don't think it's sound to conclude that the evolution of your pitch from lofty intentions to quantifiable benefits is the fault of other people being selfish.
People with good intentions ("attacking loneliness in cities and densely populated areas, and inspiring people to pursue their interests") are a dime a dozen, people who can actually deliver on their intentions are quite rarer.
The numbers and the benefits to the user are relevant, because if the numbers are 0 and the benefits are absent, you're not actually any closer to solving the problems you want to solve.
This presumes there is no social benefit from the Internet. But there are loads of margalized groups who have been able to find a group and community thanks to quick and easy communication of the Internet. Just look at a lot of lesbian, gay, bi and trans people who wouldn't be able to find people like themselves in many places. I'd even think the more common acceptance of atheism is a result of this too.
I'm failing to find the original article, but from the quote, I don't think the author is arguing against the Internet, but small stuff like iPhone apps and other "small impact" startups.
Besides, is the Internet really an accomplishment by Silicon Valley and its startups? ARPA and BBN certainly don't fit the model.
is the Internet really an accomplishment by Silicon Valley and its startups?
Well, look at Google, Facebook, Twitter, YouTube and reddit. These are "Silicon Valley startups". They are tools that empower minorities to do things. Here's a video ( http://www.youtube.com/watch?v=PBeNfSoMqjY ) of someone who started @EverydaySexism on Twitter, talking about how that project has empowered her and lots of other women with compating low level sexism. A "trivial" website like twitter is fighting sexism (while also have lots of cat pics and memes).
The big game changer with the internet isn't so much the technology, but the fact that so many mundane average people are on it. For that we can thank Silicon Valley's push for "growth" and "user count", the end result is people (incl. marginalized groups) having access to the tool. It's not the technical superiority of the tools, but the widespread availability of the tools, that is the game changer.
I think that the return on investment on curing cancer does not impact the sale of Angry Birds much. At least not sufficiently to justify the investment. Sorry for being cynical.
On another note, look at Bill Gates, made a fortune with software, now spending it on charity. Maybe that's a route that is more reasonable.
I've found that those who try to impose their ideals on someone else, are usually (but not always) trying to cover up and deflect their own self-doubt and insecurities.
Do what you love, and to heck with whatever anyone else thinks. I used to work on predicting baseball. And before that, even worse, performance management software!
Now I am lucky enough to work on "socially responsible" software, and enjoy it. But I don't delude myself into thinking I am curing cancer, and I don't think I ever could. But damn anyone else who thinks I should spend my time doing something to meet their own standards.
There's one hiccup in this line of thought: You can't always predict how the flashy toy tech will turn out to be a benefit later on.
Case in point, Kinect. It should have been just a play accessory, but it's being used to help people with disabilities, like the wi-Go : http://www.youtube.com/watch?v=B-17jRfX9Sw
Just like cosmetics and other "vanity medicine" used in the West can have life-saving applications elsewhere, for now, we get Angry Birds. It may turn out to something else later on.
The point is, cumulative knowledge can lead to great things later on. It's the NASA trickle-down theory.
I'm sure if we spent billions to build another Great Pyramid we'd discover a bunch of things that are peripherally helpful to society in other ways. But it will still be an enormous waste of resources. If we want more medical cures we should be funding work towards medical cures.
At the same time, I'm happy Mitchell and Webb stayed in comedy rather than attempt to cure cancer.
If you feel a calling to a particular space or venture, follow it - even if its Angry Birds. On the other hand, if you think your calling is in medicine, think well before attempting a go at this "golden age of entrepreneurship", as chances are you'll regret not doing what you love.
Markets are self regulating.
Worry why noone grows crops and feeds the country? The hunger will come, prices on food raise, and it becomes profitable to raise crops - there will be inflow of new made farmers and farms.
At some point an individual has to come to terms with the fact that 99% (or some equally large percentage) of human economic activity has nothing much to do with improving the human condition, but is rather beer and circuses writ large.
You can cure a disease for the cost of a large video game development these days, and an election year of political donations in the US could be used to cure aging. Medical research in general is a sliver of the economic activity spent kicking leather balls around grassy fields.
This is the world. The only way to make it better is to do what you can to add to the sliver rather than to the circuses.
On the other hand, if all of those "circuses" disappeared tomorrow - not just the sports, but the music, the art, the novels, the films, the video games, everything - you probably wouldn't like it very much.
Living includes staying happy. If playing games makes you happy, the game developer is doing a useful job for you. If the developer is happy making games, he is doing a useful job for himself too.
You don't believe art and sport improve the human condition? I would argue that what you dismiss as circuses are actually what make life living.
Being a scientist or engineer is fine, but is far from the only way to make the world better. Life would be very drab if all art and sport stopped tommorrow.
True and true, but what good is 'improving the future' if there's nothing to enjoy once we get there? A lot of modern technology revolves around content distribution and consumption. Someone has to make that content in the first place in order for consumer tech to improve our benefit from it. Both sides are important.
The total cost of the 2012 election was $6.3 billion, about half of which was the Presidential election, so over a period of 4 years you're looking at roughly 2.4 billion per year. That would do jack shit for curing aging or even an important disease. The NIH spends $30 billion per year on those things.
We do the beer and circuses because they're cheaper than large-scale human advancements. The Manhattan project was $30 billion. Apollo was about $135 billion. The interstate highway system was $400-500 billion. (Inflation adjusted).
The cost of implementing SENS, a detailed research plan to demonstrate rejuvenation in old mice, is between $1 to $2 billion over 20 years.
Of the NIH budget, much less than 1% goes towards ways to intervene in aging I'm sorry to say. The NIA yearly budget is ~$1 billion, and of that very little has anything to do with actually altering the course of aging.
SENS is really fishy. Computer people I know love the idea. Biological research people I know think the guy is talking out his ass and hand waving most of it.
I do think aging based research is the future, I just worry that SENS is a boondoggle that could put us off aging research permanently.
Organ printing is getting sizable investment right now. That will do a good job at a lot of problems.
At some point an individual has to come to terms with the fact that 99% (or some equally large percentage) of human economic activity has nothing much to do with improving the human condition, but is rather beer and circuses writ large.
Shouldn't that say, "hero-worshiping wannabe-Elon-Musk entrepreneurship culture has to come to terms..."?
Because frankly, if someone handed me the kind of money Elon Musk has, I could work on ludicrously quixotic AwesomeCool stuff too.
No guarantees any of it would actually work or make money, of course, which is why the real business environment produces Angry Birds instead of "changing the world" (which is a lot harder than it sounds, since most changes aren't even that radical) every 6 months.
Huh. My first gen Nexus 7 suffered from half the content being cut off. Having read the comments here, though, I won't be reading the article on another device.
Similar problem on WP8. About 80% of the content was cut off and not visible. On my Acer Iconia tablet running Jelly Bean it looked mostly OK maybe because it has a 10.1" screen? iPad looked fine. I guess we know what device OP has.
I don't think the people who work on these "useless" apps are to blame, rather it's the system in which they are brought up in and in case of start-ups, are taught entrepreneurship in. Paul Graham himself says he advises every start-up to "work on something for which they are the initial market"[0], so every YC cycle you get numerous companies which solve the problems of young San Francisco residents ([1] for comic relief), who help you save 30 minutes of your week you can then reinvest into working more on problems which aren't really problems while the world crumbles around you, but you don't really care about that because your Uber driver doesn't drive through those neighbourhoods.
Meanwhile, your doctor in the hospital is stuck using some 1980's software, which drains the very life-force out of him by the amount of pain it inflicts with every use, but you'll never need a doctor anyway, not with this healthy-eating/exercising app, plus it's too hard to work on that with the regulations and all, and the carpeting in your apartment is moldy.
ps. On an honest note, I've been working both on apps of the "useless" type, and spend most of my time on working on "useful" medical apps, and fuck if it's not easy to see why no one thinks these areas "sexy", so bogged down in regulation and old entrenched players. But I still think, at least in the case of these super incubators, who have the connections, who have the access to the financing, the focus should be on something more than what it is right now.
"Meanwhile, your doctor in the hospital is stuck using some 1980's software, which drains the very life-force out of him by the amount of pain it inflicts with every use..."
Most of the problems with medical software is the doctors and medical administrators themselves. They get so used to be worshiped as Gods That Save Lives, they assume that they Know Everything About Everything. I've seen more software and business talent quit the medical software field than any other....
No, really, I discharged a patient from the hospital late the other day because the software gave me no indication that the 4 pieces of disconnected discharge orders/paperwork were missing a fifth piece that finalized the discharge. Software is a real problem.
Sounds like it's the paperwork/bureaucracy, not necessary the software that struggles to keep up with red tape.
My doctor had to sell her private practice and join a medical business group, just to keep up with the new insurance/government regulations. Healthcare in the US is insane...
With this particular piece of software, there is a mandatory workflow. It's just not software-enforced. You have to do this series of things in order. And there are landmines - you can but must not insert information into Field X.
Seems like the perfect situation for making a software workflow and simply not permitting information to be input into Field X. Etc. Anyway, in this case, I think the software could be improved (modulo my slow learning).
Now, in general, I think that software can help us make the bureaucracy / regulation more tolerable by helping to convert medical intent into both medical action and medicolegal documentation.
I've developed for multiple medical companies and applications. This describes exactly 0 of the doctors, radiologists, surgeons, or researchers I worked with.
I quit the medical field because it's incredibly hard work and very difficult to succeed because of the additional hurdles (regulation, entrenched interests) unless you are a large corporation. And large corporations suck.
A friend of mine was a QA engineer for a famous children's hospital. He could do absolutely nothing, because every doctor had their favourite vendor with their favourite sales rep that gave them goodies, and they all hated the idea of interoperating and making things more efficient. And once a doctor says "If you change this system, children will die!", that's it, conversation is over. It doesn't matter that everyone knows the doctor is covering themselves, the point is that the only people that can override the doctor are the higher-ups, of which there are few, and all of those are playing their own political game.
My friend tells the story of being in one meeting with the various doctors, and one of the elder ones made a snide comment about another doctor 'not being here long enough to understand how things are done in this place' - to which the reply was 'I've been here for 17 years'.
Myself personally, I worked as a neurology tech for four years, and the doctors I worked with were a broad mix. Some of them were the sweetest people you could hope to meet. Others were such money-grubbers they directly said to the pharmaceutical reps "don't give us 'gifts', just give us the money directly". In that broad mix were doctors so awesome that they write their own mouse drivers, to doctors that behaved just as xradionut mentioned.
Doctors are humans too, there are a lot of them, and they run the same kinds of personalities as other humans.
Not to discredit your personal experience, but my experience is much closer to Ensorceled's post. All the obstacles I've encountered are on the regulation and/or cronyism of the institutions side. The doctors themselves are stuck in between, having to use shit software which never gets fixed.
As Hamming says in his excellent essay "You and Your Research", there are two components to an "important problem": an objective one and a subjective one.
The objective requirement: in the success-case the project must have a large impact on the community (in Hamming's case, physicists; for strtups, an initial market / society at large)
The subjective requirement: the researcher must have "an attack" [0], i.e. a credible approach to a solution that others probably have not tried yet.
For the vast majority of SF Bay Area founders of tiny software companies, they have no "attack" on cancer.
> Meanwhile, your doctor in the hospital is stuck using some 1980's software, which drains the very life-force out of him by the amount of pain it inflicts with every use
This isn't exactly true but the truth that it hints at is largely about mass standardisation, accountability and global purchasing rules for large organisations.
The same applies at telcos, banks etc. You can turn an oil tanker around quickly.
Just to throw another point into the discussion - to some extent, brain power is fungible. I say this speaking as someone who has a clear and ongoing choice between academia and industry. However, currently, academia is a world of hurt for most post-docs (several articles on the topic have passed HN, they're out there if you're interested). So, maybe the reason people aren't curing cancer is because curing cancer doesn't pay even half as well as selling ads, and it comes with a whole lot of other issues (short term contracts, high pressure, long hours, etc). I really believe that if there was a higher financial incentive / more funding support for science, we could keep more of the brightest, and things would progress faster. But in a recession, we get austerity measures, and half the kids move into strategy consulting / finance. Anyway, that's another conversation. </rant>
So let's just ditch everything non-functional. No really.
Does music helps cure cancer? I don't think so. Banned. Movies? No. Paintings? Not a bit. Gymnasts, you are uselessly hanging all the time, better learn some biology.
Nobody who had the skills to seriously take a stab at curing cancer is instead coding up Angry Birds. All those kids from Stanford going to work at consumer technology shops are smart kids, but even at a place like Stanford the talent to really make fundamental breakthroughs in human knowledge is exceedingly rare. And it's not like there is any undersupply of smart people going into biology.
As a practical matter, it's more like "we got Angry Birds instead of some middling papers about some cellular pathways that are kind of interesting but ultimately not useful." Or more realistically, a bunch of smart kids got siphoned away from Wall Street and management consulting, and maybe big corporations like IBM or Oracle.
This is important. The people cashing in their skills to make small things like Angry Birds (perhaps with the intention of making a lot of money without a lot of effort) aren't the people who can sit down and figure out how to cure diseases.
Research is hard and not everyone can do it. Progress on diseases will be slower than progress on new forms of entertainment (or productivity, as many startups are geared towards).
If Bill Gates had gone to "cure cancer" or "feed Africa" instead of selling operating systems and word processors, is it guaranteed that he would have succeeded? I'm pretty certain that in that alternate reality someone else would have stepped up to create the equivalent of Windows and maybe become a billionaire, but do we have the assurance that they would also make the same altruistic use of their money?
I always get a bit annoyed by people who claim to understand that life isn't some balanced chemical equation with swappable variables, but then display a contradictory logic. If you mention the "butterfly effect" they engage in a dissertation. Later you catch them off-guard and they're lamenting on brilliant minds being wasted on meaningless problems, or on people not eating organic food anymore, or music being too commercial nowadays, etc.
The thing that really gets me is not the lack of merit of such complaints, it's the refusal by people who emit them to extrapolate on the implications of their hypotheses. They somehow always assume that the alternate reality in their proposition is some sort of utopia.
Life is a huge mess, but as chaotic as it is, every little variation has an effect and a price. Just don't assume that you'll like what they are.
161 comments
[ 3.0 ms ] story [ 219 ms ] threadMy conclusion is, that most people simply aren't bothered with cancer research until they get it (apparently in these areas, about 50% of the population do at some point in their lives).
This is part of the problem, coupled with the "immediate reward versus distant punishment" bias. Another is the obvious tragedy of the commons here. Once the research is successful it also benefits those who chose not to contribute so fund it please while I spend my $5 on a tasty cookie.
In addition...
Brain power is not a fungible resource. You cannot divert excess brain power to any task you choose. It's a highly specific, highly targeted resource which seems to me to be horribly capricious and (ironically?) irrational in its choice of target.
In other words, the answer for any app entrepreneur when asked "Why didn't you work on a cure for cancer?" is simply "Well, I didn't think of that. I thought of an app."
I like the apparent contradiction in the Telegraph article too:
"Hackers/entrepreneurs used to invent revolutionary things like the PC!"
"People are only using personal computing devices for trivialities!"
Either personal computing was a great idea or it's a platform for the trivial and banal, you can't have it both ways.
Obviously the PC is revolutionary given that people can now do things that were impossible/difficult before, like meeting people from disparate communities (see: HN), freely communicating with distant family/friends, becoming citizen journalists through blogging, finding their place in hard-to-find or sparsely-located communities, so on.
Well, you can. Cheap personal computers unleashed an amazing amount of creativity in all areas of human endeavor
and
they also enabled that power and creativity to be used for trivial, disposable things, as well as scams and harmful things.
Human life went online, with both the good and the bad.
>Either personal computing was a great idea or it's solely a platform for the trivial and banal, you can't have it both ways.
Even then I concede that this was a straw man for the Telegraph journalist's position. How embarrassing.
I think games are something of a poor example, since they clearly do bring happiness to people at least, but the financial industry seems to spend inordinate amounts of energy and human capital shaving milliseconds and tenths of a percent off trading strategies.
Imagine if we had some of those people being paid $300k salary + $300k bonus instead working on vaccines, or new antibiotics? Clearly the skills aren't transferrable, but there's a brain drain to finance that is unfortunate, and I think startups suffer some of the same social-good-to-reward-ratio problems
When currencies were priced every second market makers had to set a spread that would protect them from market variance within that one-second period, as that time period shrunk the amount of risk dropped as did the spreads.
Think about the thousands of currency transactions that had to happen for your smartphone to exist. It makes a huge difference to international trade when you can pay a lower premium to exchange currencies.
Just because you don't understand the value something provides, it doesn't mean that it doesn't provide it.
I don't think the argument is that these optimisations don't bring value; it's that they don't bring as much value to society as an effective cancer treatment, or a new technology that cheaply and cleanly purifies water, or [insert other breakthrough here].
People who dismiss the value of complex derivatives and HFT and other Wall Street shenanigans don't necessarily lack understanding, and it's obnoxious to say so. They just add perspective to that understanding. People who obsess over prices and ignore true value are sociopaths and should be dealt with as such.
My local grocery wants to sell bananas for $1.50 a pound, but I only want to pay $1.00. Why isn't there a market maker buying and selling these bananas thousands of times per second to reduce the spread between me and my grocer so we can meet in the middle?
oh right, it's because the market takes care of that for us. If others are happy paying $1.50 the grocer will stay at that price and I'll have to accept it or go without my bananas. If most buyers agree with me the grocer will have to lower their price if they want to sell the bananas. No market maker is needed.
That doesn't mean that market makers don't provide value, just that they are not necessary.
To the point that the word market is often used for small stores.
If you had to buy bananas off a truck when it happened to be in town, you'd get a lot less bananas and you'd pay more for them.
I can take this one step further, and actually go to many of the farms around here to buy produce right off the plants, by picking it myself. Even less convenient, but it makes for a nice weekend outing, and the prices are even cheaper.
Note that in both cases the prices drop for me and stay the same for the farmer by cutting out middle-men: the shippers, the grocer. By your terms, those are the market makers, and while they make produce commerce more convenient they're certainly not reducing costs for anyone. They're taking profits out of the parties on the two ends of the transaction.
I'll grant you that, in my example, the middle-men provide an essential service by giving me access to produce that is not produced locally, and by making that access more convenient. Neither of those apply to the financial markets though: as purely information-driven markets, they're accessible 24/7 from anyplace in the world. So again, what value are the market makers actually providing to the buyers and sellers of financial products?
As far as financial markets, reliable prices are worth something (even though a reliable price is 'just information'). I agree that in heavily traded instruments, providing liquidity becomes a fairly abstract value, but if you are a large institution, having someone that will readily purchase enormous amounts of shares is a valuable service. For a lightly traded instrument, being able to sell it is also a valuable service.
I don't see enormous value in having lots of people spending lots of money chasing pennies, but I have trouble getting worked up about it. I suppose what it comes down to is that I am skeptical that rules designating who gets the tiny bit of slop available in financial transactions will be any more fair than the present system (where various HFTs are competing for the slop, often by essentially offering some of it to the parties in the transaction...).
This would also curb the behavior of the large institution. They shouldn't be able to dump all of their holdings of a stock like that at a high price if there aren't real buyers at that price. The institution should be forced to chase the price down to pick up enough buyers for the whole position. If they still can't move it all, then they're holding a worthless stock. Sucks for them, but investing is a gamble and sometimes you lose your investment. You should've invested in a more valuable company.
The theme I'm getting at is that I think that market makers definitely alter the dynamics of the market, as they claim to, but contrary to their claims they do it in a way that benefits themselves and other financial institutions to the detriment of non-financial-industry investors and the companies and other real-value instruments (bond originators, mortgage borrowers, etc) being traded.
There are some issues with HFT that I don't like, where different players are getting different access to information. Beyond that, I have trouble with the argument that parties that aren't me should have to engage in transactions that I like the shape of (or the other way around, should be prevented from engaging in transactions that I don't like. I'm using transaction here in the sense that both parties are acting freely...).
One of the fundamental purpose of a market maker is ensuring that both the supply and demand sides are capable of transacting when they want to, even if the supply and demand side don't necessarily want to trade at the same time.
So say the farmer only wants to sell bananas on a Monday and you only want to buy them on Thursday, so you can never do the transaction. So your grocer by buying the bananas when they're available and selling to them when you want them is in fact taking on some of the role of a market maker.
The reason that bananas don't need high-speed market making however is that the underlying supply and demand for bananas is pretty stable (I'm just guessing here; I don't know anything about the banana market). With currencies the supply and demand is in constant shift, everything from news events to someone making an online purchase in a foreign currency contributes to the shift. So a large part of the premium you pay for currencies is to manage that risk of the underlying supply/demand shifting. So by reducing that risk you can have lower premiums.
Say your grocer bought their bananas at $1 and was selling them at $1.50, what percentage of that 50 cents do you think goes towards managing the risk that the demand for bananas will collapse and the bananas might not be worth $1 any more ? - I'm guessing none of it because the bananas will likely spoil before the price of bananas shifts that much. Hence reducing that risk is pointless in the banana market.
HTH
I'm imagining it, and I'm imagining righteous populist anger about excessive salaries and profits in the pharmaceutical industry.
As the pitches to users and investors evolved, I realised I'd moved a long way from this and now mention just the numbers, just the personal benefits to the user.
No-one seems to care so much for any wider benefit... just the selfish* ones.
I haven't lost my faith, but I hope to build what I believe in as fait accompli rather than something needing individuals to think beyond themselves.
* Dictionary meaning, no offence intended or meant
Cancer is so mind-boggingly complex that one person cannot even begin to look at ways to solve it on his own.
Think about web developers, for example. We can either develop some SaaS website in 6 months that will bring us something like $500/month, or we can attack the cancer problem for 30 years and pretty much guaranteed to get nowhere.
Granted, it won't cure cancer, but you'll save more lives at the margin than doing Zynga ads. (And, n.b., healthcare clients often have more than $500 available to spend.)
Is it annoying? Yes. Does it add cost and complexity? Yes. Are any of the requirements of dubious to nil security value in many cases? Yes. (+)
But HIPAA is not a barrier like "create a meaningful application from nothing" or "successfully navigate an enterprise sales purchasing process" is a barrier. After you've got a handle on what it asks you to do it is really anticlimactic.
+ I am required to have a document which explicitly states that I will discipline myself most severely for misuse of patient information. No joke.
It's struck me that part of the reason people don't try to solve these types of problems because they just don't know the market at all. They solve problems they have exposure to.
Knowing what you know, do you think there's any scope for a "Meet the Market" mini-conference where people with actual problems (and budget) from, say, medecine come along and give a lecture on what problems they'd pay to have solved? Do you think that purchasers have enough knowledge about their own problems that they could verbalise them such that people could help solve them?
You can't just set up a service with a Facebook log in and have people connecting medical information, so it's not something that's going to end up getting viral or posted on blogs or TechCrunch, and the only people that are going to see your service are the ones that work for our clients.
I can't even put 99% of what I do on a regular basis into a portfolio or anything because of these regulations.
I guess my point is there _are_ companies doing things like this, while being successful and social conscious, they just won't be publicized like Angry Birds or the Find-Vegan-Bacon-In-SF-Apps.
Making software for government is like a two year bidding process. The barriers to entry are incredibly high when it should just be a case of, "Okay, you want X Y and Z as your most critical features, let's keep the initial product small, we can add features as we go along. It'll be done in two months and then we'll iterate."
Instead it's more like, "We're going to have bids for two years for the project and then we're going to want everything done in one pass."
The NHS tried to update their computer systems a while back, it cost them £12 billion and two contractors dropped out of the contract because they were being too difficult to work with. It's still not, I believe, fully deployed.
The BBC tried updating their media management system.... DMI, I believe it was called. And spent £98.5 million on it only to not get the product at the end of the day....
All for things that a reasonable software company could probably have done by iterating over features on a basic product fairly easily.
Then you have things like the Police computer system - which is laughable in its antiquity and difficulty to use. I think there was an article on here quite recently about the awful 911 system.
You know? Things need to change concerning regulation before I think we're going to be able to adequately address those sorts of problems. Otherwise you're going to get these monster projects that effectively have to be done all in one go, which seems like a recipe for disaster.
The not-so-subtle subtext was that "I, erm, actually sell software which does pretty much exactly this." The how, in relevant fashion: create software which does appointment reminding phone calls for, without loss of generality, HVAC contractors. Read up on HIPAA requirements and talk to people who've done it before. Do some very boring paperwork and not-all-that-impressive technical work for ticking off the boxes. Start landing hospital clients, through a combination of slackadaiscal meat-and-potatoes SEO and being a lot more hungry for their business at the low end than the competition is.
I don't typically compete in or win two year bid cycles. I go after smaller projects in the $X,000 to $X0,000 a year range. The sales process often involves convincing a single nurse or office manager that I'm not some slick sales guy from the big city who is going to sell her $10,000 of software where she needs $2,000 and then never be there for her if it breaks.
Your mileage (kilometerage?) may vary in the United Kingdom.
The hard problems do have a few crazy people attempting them, but they get very little support -- as opposed to support and often funding for an app that lets you share your cat pictures.
And I think that's why we're in a lull. HN itself has become boring. (Have you noticed?) Without the crazy research kamikazes, we aren't going anywhere.
We have (essentially) cured certain types of cancer. Testicular for men, skin melanoma in general, Hodgkin's lymphoma in young people. We are making tons of progress in cancer research, and we are making tons of difference in both quality of life, length of life, and survivability. Heck, my mother died of cancer, one with bad statistics, but it was almost entirely painless, and the treatment was by and large not horrible. That wouldn't have been true just a few decades ago.
Sure, you could join such a team and possibly end up being a part of the cancer cure, if you're lucky.
That's quite different from what we see with solo projects and startups.
And now: fuck off, downvoter Mafia.
People with good intentions ("attacking loneliness in cities and densely populated areas, and inspiring people to pursue their interests") are a dime a dozen, people who can actually deliver on their intentions are quite rarer.
The numbers and the benefits to the user are relevant, because if the numbers are 0 and the benefits are absent, you're not actually any closer to solving the problems you want to solve.
Besides, is the Internet really an accomplishment by Silicon Valley and its startups? ARPA and BBN certainly don't fit the model.
Well, look at Google, Facebook, Twitter, YouTube and reddit. These are "Silicon Valley startups". They are tools that empower minorities to do things. Here's a video ( http://www.youtube.com/watch?v=PBeNfSoMqjY ) of someone who started @EverydaySexism on Twitter, talking about how that project has empowered her and lots of other women with compating low level sexism. A "trivial" website like twitter is fighting sexism (while also have lots of cat pics and memes).
The big game changer with the internet isn't so much the technology, but the fact that so many mundane average people are on it. For that we can thank Silicon Valley's push for "growth" and "user count", the end result is people (incl. marginalized groups) having access to the tool. It's not the technical superiority of the tools, but the widespread availability of the tools, that is the game changer.
None of those are Silicon Valley startups, and Facebook and Twitter never were Silicon Valley startups.
On another note, look at Bill Gates, made a fortune with software, now spending it on charity. Maybe that's a route that is more reasonable.
Do what you love, and to heck with whatever anyone else thinks. I used to work on predicting baseball. And before that, even worse, performance management software!
Now I am lucky enough to work on "socially responsible" software, and enjoy it. But I don't delude myself into thinking I am curing cancer, and I don't think I ever could. But damn anyone else who thinks I should spend my time doing something to meet their own standards.
Case in point, Kinect. It should have been just a play accessory, but it's being used to help people with disabilities, like the wi-Go : http://www.youtube.com/watch?v=B-17jRfX9Sw
And also aiding surgeons during operations as well as helping disabled children interact with their environment with more subtle gestures. http://kotaku.com/5950834/in-japan-the-kinect-may-soon-be-mo...
Just like cosmetics and other "vanity medicine" used in the West can have life-saving applications elsewhere, for now, we get Angry Birds. It may turn out to something else later on.
The point is, cumulative knowledge can lead to great things later on. It's the NASA trickle-down theory.
At the same time, I'm happy Mitchell and Webb stayed in comedy rather than attempt to cure cancer.
If you feel a calling to a particular space or venture, follow it - even if its Angry Birds. On the other hand, if you think your calling is in medicine, think well before attempting a go at this "golden age of entrepreneurship", as chances are you'll regret not doing what you love.
You can cure a disease for the cost of a large video game development these days, and an election year of political donations in the US could be used to cure aging. Medical research in general is a sliver of the economic activity spent kicking leather balls around grassy fields.
This is the world. The only way to make it better is to do what you can to add to the sliver rather than to the circuses.
Being a scientist or engineer is fine, but is far from the only way to make the world better. Life would be very drab if all art and sport stopped tommorrow.
We do the beer and circuses because they're cheaper than large-scale human advancements. The Manhattan project was $30 billion. Apollo was about $135 billion. The interstate highway system was $400-500 billion. (Inflation adjusted).
Of the NIH budget, much less than 1% goes towards ways to intervene in aging I'm sorry to say. The NIA yearly budget is ~$1 billion, and of that very little has anything to do with actually altering the course of aging.
I do think aging based research is the future, I just worry that SENS is a boondoggle that could put us off aging research permanently.
Organ printing is getting sizable investment right now. That will do a good job at a lot of problems.
Shouldn't that say, "hero-worshiping wannabe-Elon-Musk entrepreneurship culture has to come to terms..."?
Because frankly, if someone handed me the kind of money Elon Musk has, I could work on ludicrously quixotic AwesomeCool stuff too.
No guarantees any of it would actually work or make money, of course, which is why the real business environment produces Angry Birds instead of "changing the world" (which is a lot harder than it sounds, since most changes aren't even that radical) every 6 months.
Meanwhile, your doctor in the hospital is stuck using some 1980's software, which drains the very life-force out of him by the amount of pain it inflicts with every use, but you'll never need a doctor anyway, not with this healthy-eating/exercising app, plus it's too hard to work on that with the regulations and all, and the carpeting in your apartment is moldy.
[0] https://news.ycombinator.com/item?id=6106528
[1] http://www.youtube.com/watch?v=guf0kNV7D1w
ps. On an honest note, I've been working both on apps of the "useless" type, and spend most of my time on working on "useful" medical apps, and fuck if it's not easy to see why no one thinks these areas "sexy", so bogged down in regulation and old entrenched players. But I still think, at least in the case of these super incubators, who have the connections, who have the access to the financing, the focus should be on something more than what it is right now.
Most of the problems with medical software is the doctors and medical administrators themselves. They get so used to be worshiped as Gods That Save Lives, they assume that they Know Everything About Everything. I've seen more software and business talent quit the medical software field than any other....
My doctor had to sell her private practice and join a medical business group, just to keep up with the new insurance/government regulations. Healthcare in the US is insane...
Seems like the perfect situation for making a software workflow and simply not permitting information to be input into Field X. Etc. Anyway, in this case, I think the software could be improved (modulo my slow learning).
Now, in general, I think that software can help us make the bureaucracy / regulation more tolerable by helping to convert medical intent into both medical action and medicolegal documentation.
Anyway, your point is very well taken.
I quit the medical field because it's incredibly hard work and very difficult to succeed because of the additional hurdles (regulation, entrenched interests) unless you are a large corporation. And large corporations suck.
http://www.midnightdba.com/DBARant/?p=894
My friend tells the story of being in one meeting with the various doctors, and one of the elder ones made a snide comment about another doctor 'not being here long enough to understand how things are done in this place' - to which the reply was 'I've been here for 17 years'.
Myself personally, I worked as a neurology tech for four years, and the doctors I worked with were a broad mix. Some of them were the sweetest people you could hope to meet. Others were such money-grubbers they directly said to the pharmaceutical reps "don't give us 'gifts', just give us the money directly". In that broad mix were doctors so awesome that they write their own mouse drivers, to doctors that behaved just as xradionut mentioned.
Doctors are humans too, there are a lot of them, and they run the same kinds of personalities as other humans.
Are you sure who was who? :)
I would bet that there is a gigantic initial market for the cure for cancer.
The objective requirement: in the success-case the project must have a large impact on the community (in Hamming's case, physicists; for strtups, an initial market / society at large)
The subjective requirement: the researcher must have "an attack" [0], i.e. a credible approach to a solution that others probably have not tried yet.
For the vast majority of SF Bay Area founders of tiny software companies, they have no "attack" on cancer.
[0] http://www.paulgraham.com/hamming.html
This isn't exactly true but the truth that it hints at is largely about mass standardisation, accountability and global purchasing rules for large organisations.
The same applies at telcos, banks etc. You can turn an oil tanker around quickly.
1 http://xkcd.com/931/
2 http://www.phdcomics.com/comics/archive.php?comicid=1162
We slowly advance in all areas, whether that be beating cancer or boredom.
Weren't the first PCs mostly toys for hobbyists?
Not that different being an entrepreneur from being a cancer researcher.
As a practical matter, it's more like "we got Angry Birds instead of some middling papers about some cellular pathways that are kind of interesting but ultimately not useful." Or more realistically, a bunch of smart kids got siphoned away from Wall Street and management consulting, and maybe big corporations like IBM or Oracle.
Research is hard and not everyone can do it. Progress on diseases will be slower than progress on new forms of entertainment (or productivity, as many startups are geared towards).
I always get a bit annoyed by people who claim to understand that life isn't some balanced chemical equation with swappable variables, but then display a contradictory logic. If you mention the "butterfly effect" they engage in a dissertation. Later you catch them off-guard and they're lamenting on brilliant minds being wasted on meaningless problems, or on people not eating organic food anymore, or music being too commercial nowadays, etc.
The thing that really gets me is not the lack of merit of such complaints, it's the refusal by people who emit them to extrapolate on the implications of their hypotheses. They somehow always assume that the alternate reality in their proposition is some sort of utopia.
Life is a huge mess, but as chaotic as it is, every little variation has an effect and a price. Just don't assume that you'll like what they are.