Chapter 1: The Financial Legacy of Einstein

When Albert Einstein passed away in 1955 at the age of 76, his estimated net worth was around $1.5 million, which translates to just over $14 million when adjusted for inflation in 2020. This wealth primarily stemmed from his salary as a professor, roughly equivalent to $170,000 in today's dollars, alongside royalties from his numerous publications. Additionally, his Nobel Prize win in 1921 awarded him $50,000, which is around $760,000 today.

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Einstein led a relatively humble lifestyle, earning a salary that would place him in the upper middle class by today’s standards, ranking in the 89th percentile of earners. Yet, one must question if he was genuinely just an 89th percentile individual. After all, he was a genius who revolutionized modern physics. In 1905, often referred to as his "miracle year," Einstein published four groundbreaking papers:

1. The first explained the photoelectric effect by treating light as a particle.
2. The second validated the existence of atoms through Brownian motion.
3. The third introduced his theory of special relativity, establishing the speed of light as a constant.
4. The final paper presented the iconic equation E=MC².

Each of these theories has significantly expanded our scientific understanding.

Einstein’s discoveries serve as foundational elements in physics, giving rise to entirely new fields. E=MC² became the bedrock of nuclear physics, while the dual nature of light laid the groundwork for quantum mechanics. The acknowledgement of atomic existence underpins modern chemistry, and his constant speed of light was crucial for his own theory of general relativity, which has been repeatedly validated.

It’s important to recognize that Einstein didn’t achieve these insights in isolation. Much of the foundational work in mathematics was laid by others before him, and he had collaborators who contributed to the exchange of ideas. However, he was pivotal in synthesizing these concepts into groundbreaking discoveries. If Einstein had not been present, it’s impossible to gauge how many additional years it might have taken for others to reach these scientific milestones—perhaps one year, a decade, or even fifty.

To grasp the significance of physics, one must understand that engineering continually follows the principles of physics. Historically, people have attempted to fly by merely attaching wings to themselves, driven by a lack of understanding of the governing laws of aerodynamics. The internal combustion engine would not have emerged without a comprehension of thermodynamics, and similarly, Einstein’s theories set the stage for numerous engineering advancements.

Consider a few technological breakthroughs that owe their existence to Einstein’s work:

• Nuclear energy, which accounts for 10% of global energy production, is rooted in E=MC² (including its use in nuclear weaponry).
• Many chemical processes, crucial for creating advanced materials, rely on atomic theory.
• The transistor, essential to modern computing, is based on quantum mechanics, a field significantly influenced by Einstein's contributions.

One might reasonably argue that Einstein’s theories ushered in a new epoch. Yet, this raises an important question: why was his financial compensation comparable to that of a mid-level executive at an ordinary corporation?

Let's engage in a thought experiment. If a mid-level executive were to suddenly vanish, another individual would likely step into that role. Perhaps this new executive might boost the company’s sales by an additional $1 million that year, but the overall impact on the world would be minimal. Conversely, the absence of Einstein would have had profound implications. His groundbreaking ideas might have remained undiscovered or delayed by decades, fundamentally altering the trajectory of physics and the technological advancements that shape our modern existence. Imagine a world still reliant on 1960s or 1970s technology—how drastically different would life be?

Thus, should these two individuals be compensated similarly? The clear answer is no, but a more nuanced response would be an emphatic "NO!" Money serves as a measure of the perceived value of services rendered. Consider this exercise: create a list of individuals who have made the most significant contributions to society. Now, compare that with the roster of the wealthiest people. You’ll find many scientists on the former list—those whose ideas have transformed our understanding of existence, such as Einstein, Bohr, and Newton—while the latter predominantly features entrepreneurs. Although the latter group has certainly developed remarkable products and merits substantial compensation, their earnings often dwarf those of the scientists by a staggering factor.

To complicate matters further, Einstein's family has recently profited from licensing his likeness for the Baby Einstein doll, earning a staggering $12 million annually in royalties. This leads to a troubling question: was Einstein’s quirky hairstyle truly his most significant societal contribution?

This scenario illustrates the undervaluation of scientists. Many vital contributions arise from PhD students who struggle to make ends meet. Even if one becomes a professor or a full-time researcher, the income remains at an upper-middle-class level. While this lifestyle can be rewarding, it fails to reflect the importance of those tackling the most complex and critical challenges we face.

It’s true that most scientists don’t pursue this path for wealth; they are driven by a quest for knowledge. This mindset is commendable and resonates with my own aspirations to become a scientist. However, it does not justify the underpayment of individuals who have built the modern world and continue to uncover discoveries that will shape our future.

Beyond individual compensation, a significant injustice within the scientific community lies in the grant funding system. While I may not be an expert in this area, discussions with various scientists have provided me with enough insight to comment on it. To secure funding for expensive experiments beyond their university's support, scientists must apply for grants. This process is highly competitive, with more scientists than available grants.

In their pursuit of funding, scientists often tailor their research proposals to fit the expectations of grant providers, which can hinder their creative freedom. A scientist should be able to explore ideas freely, testing and refuting hypotheses without constraints. However, to qualify for funding, proposals must remain within certain bounds, fostering incremental progress rather than groundbreaking advancements. Furthermore, the time scientists spend seeking grants detracts from their research efforts. For instance, I spoke to an astronomy PhD student who claimed she dedicated more time to grant applications than actual research.

The issues surrounding grant funding are rooted in underfunding. A less competitive grant landscape would enable scientists to pursue bolder, more impactful ideas and allocate more time to research. Scientists should not have to filter their proposals or fret about securing funding; their primary focus should be on research. By perpetuating this cutthroat environment, we risk missing out on breakthroughs that could lead to unimaginable futures.

Both personally and as a society, we must recognize the true value of science and demonstrate to those who will lead us into the future that we appreciate their contributions.

Chapter 2: Exploring Einstein's Impact

The first video titled "Albert Einstein's Advice, for Young People Who Desire To Be Rich" discusses how Einstein's philosophies can guide aspiring individuals towards wealth and success.

The second video, "1 Insight: 'I coach one of Einstein's relatives!'" provides an intriguing perspective on Einstein's legacy and the intellectual lineage that continues to inspire today.