Thinks 347

HBR on NFTs: “NFTs have fundamentally changed the market for digital assets. Historically there was no way to separate the “owner” of a digital artwork from someone who just saved a copy to their desktop. Markets can’t operate without clear property rights: Before someone can buy a good, it has to be clear who has the right to sell it, and once someone does buy, you need to be able to transfer ownership from the seller to the buyer. NFTs solve this problem by giving parties something they can agree represents ownership. In doing so, they make it possible to build markets around new types of transactions — buying and selling products that could never be sold before, or enabling transactions to happen in innovative ways that are more efficient and valuable … Because blockchains are programmable, it’s possible to endow NFTs with features that enable them to expand their purpose over time, or even to provide direct utility to their holders. In other words, NFTs can do things — or let their owners do things — in both digital spaces and the physical world.”

Shankar Acharya: ” The central focus of remedial policies has to be the expansion of job opportunities in both the formal and informal segments of the economy. Higher rates of employment will raise incomes and consumption, possibly with a positive feedback loop, reduce poverty and strengthen overall economic growth. In broad terms, the best ways of increasing employment are well-known. They include: Strengthening rural employment guarantee programmes; encouraging labour-intensive manufacturing for both domestic and external markets through better policies; enhancing learning outcomes in schools and overall skill-development; removing regulatory impediments to employment expansion in all areas; strengthening programmes for public health and basic health care; raising the national tax to GDP ratio to undertake more expenditure on public goods like education, health, roads and some other forms of infrastructure; and, of course, improving the business climate to nurture higher private investment.”

Paul Graham: “You can’t replace reading with other sources of information like videos, because you need to read in order to write well, and you need to write in order to think well.” [via Shane Parish]

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Rajesh Jain

An Entrepreneur based in Mumbai, India.