Is there a solution? It’s complicated, but I offer three ideas for discussion:
Change the metrics
We can use capital with abandon now, because it’s abundant and cheap. But we can no longer waste education, subsidizing fields that offer few jobs. Optimizing return on capital will generate less growth than optimizing return on education.
Change the politics
Both parties are wrong on taxing and distributing the capital of the wealthiest 1%. The Republicans are wrong in thinking that the rich create jobs. In reality many of the richest Americans have been investing in efficiency innovations rather than to create jobs. And the Democrats are wrong, because growth won’t happen if they distribute the wealth of the wealthy to everyone else. Money will be spent buying sustaining innovations — replacing consumption with consumption, because there are few empowering products to buy.
- Jul 19, ’14 British Government Picks Illumina to Sequence 100,000 Genomes
- Jul 18, ’14 Zoella herself barely watches TV: “My generation, at least the ones I know, are like 70-30 YouTube”
- Jul 18, ’14 The news that business doesn’t want to hear
- Jul 13, ’14 Panoramas: A Splendid Evening at Spring Green’s American Players Theatre
- Jul 12, ’14 The Camera Store, circa 2014