FT: “[As populations decline], there will be substantial economic pressure to embrace automation. Artificial intelligence (AI) will doubtless play a role, not just through ChatGPT and generative AI but through enabling efficiency in other labour-intensive areas, such as government services. Companies such as Accenture, which can support the adoption of AI within organisations, seem likely to see greater demand for their advice for years to come. An ageing population will fuel demand for healthcare and the need to be more productive in providing that care.”
Arnold Kling: “When the government creates jobs in specific businesses, this is known as “industrial policy.” Industrial policy usually means having to subsidize the favored firms forever. When the government tries to create jobs by telling some people “here is some money that you can have now” and telling other people “lend us money and we will pay you back later,” this known as “fiscal policy.” Fiscal policy means setting up society for future conflict, among (1) the people who are owed money by the government, (2) suppliers to the government who expect payment for services provided, (3) government clients, such as retirees, and (4) taxpayers. This conflict shows up as a large share of the budget devoted to interest payments and/or as inflation.”
Chris Miller: “I’ve spent a lot of time over the past decade studying great entrepreneurs and geopolitical competition. Fundamentally, neither founders nor countries think like economists. Great founders may have shareholders who would like them to consider return on equity, but that’s not how they make decisions. Think of Jensen Huang ten years ago – even though Wall Street was warning him against it, he still poured Nvidia’s money into building out CUDA and the ecosystem around it. If your mode of thinking is purely economic – focused on return on equity or maximizing shareholder value – you miss a lot of what actually drives competitive, successful people.”
Vivek Wadhwa: “Building a successful company is never just about having a novel idea. It’s also about execution, understanding the market and continuously innovating to stay ahead. For instance, Ola didn’t just mimic Uber’s business model – it also innovated far beyond, especially in its understanding of the Indian market. Its unique features, such as ride scheduling in areas with unreliable internet, and integrating autorickshaws, were innovations that Uber later had to learn from – and ‘shamelessly’ copy. Moreover, let’s not forget that every great company, at some point, stands on the shoulders of giants. Microsoft didn’t invent the PC, but it revolutionised software. Amazon didn’t invent ecommerce, but it transformed how we shop online…So, the next time someone accuses a successful entrepreneur of copying, remember – it’s not where you start that matters, it’s where you end up.”
WSJ: “Traveling with no itinerary offers pleasures that you can’t get with carefully managed trips. But spontaneity requires an open mind—and an ability to accept occasional disappointments…In a quantified world where we optimize everything on a spreadsheet before taking a risk, this surrender to a destination has felt like freedom, a rebellion against an algorithmic, quantifiable, approach to travel. My serendipitous sojourns since then haven’t always worked out perfectly, but I am getting better at accepting providence as my tour guide. All it takes is a willingness to relinquish rigidity, the confidence to chat people up, and a phone full of apps.”
