Economic development will have occasional failures as by-products of its progress. The optimal “experimental failure” level in a country is non-zero.
All in Economic Growth
Economic development will have occasional failures as by-products of its progress. The optimal “experimental failure” level in a country is non-zero.
Trust grants a sense of security in society that those being governed will be taken care of by those who govern. It builds a foundation for society to build on…
Without attempting something bold, our every social, political or economic possibility will always be “20 years away” or some faraway vision for us to achieve.
Ultimately, while we must certainly care about infrastructure and the economy, it is real lives and real people that form the centre of our preparations towards more frequent tail events.
The implementation of vaccine distribution will make or break our vaccination strategy and will have important consequences for our more macroeconomic outcomes such as GDP growth and employment rates.
The underlying reason behind Malaysia’s vulnerability to a halt in production — via measures such as the Movement Control Order — is because large chunks of its jobs do not lend themselves to the possibility of working from home.
If successful innovation in nature comes from repurposing existing things to new functions, then we need to have as many “existing things” as possible.
AUTOMATION THAT DISRUPTS EMPLOYMENT WITHOUT A CORRESPONDING BOOST IN PRODUCTIVITY ARE LABELED AS ‘SO-SO’ TECHNOLOGIES. AS WE CONSIDER WHAT FORMS OF TECHNOLOGY WE WANT TO SUPPORT AND PUSH FOR, WE NEED TO BE MORE NUANCED.
All this is important as we embark on the new wave of economic policymaking. Either go big or stay home.
Culture clearly matters and, unfortunately, culture is something that is super difficult to change overnight, especially a culture of tradition.
Are we prepared to handle the inevitable social fallout from greater automation, as well as the difficult decisions arising from creative destruction?