Week 1: Economic and Societal Trends
Lecture 1.1: Economic and Societal Trends and Drivers and the Entrepreneurial
Mindset
·
·
Things have changed at a fantastic pace.
Change is constant since the dawn of time and pace of change has been
constantly accelerating
Especially true for technology driven change
·
Three age system
...[Show More]
Week 1: Economic and Societal Trends
Lecture 1.1: Economic and Societal Trends and Drivers and the Entrepreneurial
Mindset
·
· |
Things have changed at a fantastic pace.
Change is constant since the dawn of time and pace of change has been
constantly accelerating
Especially true for technology driven change |
| · |
| Three age system |
| · |
Stone age: lasted 3.4 million years. “Did not end for lack of stone, and oil age will
end long before we run out of oil”
Bronze Age: lasted 2 to 3 thousand years
Iron Age: lasted less than a thousand years
How long will the automotive age last? Approx. 100 years old now and seems to
already be on shaky footing. Under threat from shared space models of
transportation
Many entire industries have disappeared in the last 10-20 years. Cable, music
distribution, CDs. Life expectancy of entire important sector of an industry is
shorter than the length of an average persons career |
·
·
· |
| · |
Wealth Creation vs Wealth Transfer
· Wealth transfer is shifting wealth for one group to another group. Aggregate
wealth that has been created and transfer it to parts of the economy where it is
needed.
· Raising minimum wage- transfers wealth from consumers of fast food to workers
· Wealth creation- the creation of new wealth that previously did not exist
· new products or services. Solving pressing societal problems.
· Creation of new wealth is most often from entrepreneurs or innovators
· Wealth creation is highly impactful and facilitates and enables wealth transfer.
Wealth that has not been created can not be transferred.
· GDP- gross domestic product
· Wealth transfer we could share global income more equitably between two of the
poorest regions in the world and thirteen of the wealthiest. What if we could
achieve perfect equality in GDP? Through foreign aid? Increased min wages? We
would increase GDP
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