All countries will eventually need to rebuild their growth models around digital technologies and the human capital that supports their deployment and expansion.
Interpretation
Countries must adapt their economic growth strategies to focus on digital technologies and skilled workforce.
In today's rapidly evolving world, it is essential for nations to rethink their traditional growth models and embrace the advancements brought about by digital technologies. This shift is not just about adopting new tools, but also about investing in human capital—the skills and knowledge of the workforce—necessary for effectively implementing and expanding these technologies to drive sustainable economic growth.
In practice
This quote can be used in a presentation about the future of economics.
Developing economies may not have much control over the headwinds that they face today, but that does not mean that they are powerless. Much can be done not just to sustain moderate growth but also to secure a more prosperous and resilient future.
One way to measure the size of a company, industry, or economy is to determine its output. But a better way is to determine its added value - namely, the difference between the value of its outputs, that is, the goods and services it produces, and the costs of its inputs, such as the raw materials and energy it consumes.
Reforms aimed at increasing an economy's flexibility are always hard - and even more so at a time of weak growth - because they require eliminating protections for vested interests in the short term for the sake of greater long-term prosperity.
When I was a student at MIT, we all shared one computer and it took up a whole building. The computer in your cell phone today is a million times cheaper and a thousand times more powerful. What now fits in your pocket 25 years from now will fit into a blood cell and will again be millions of times more cost effective.
We've been merging with tools since the beginning of human evolution, and arguably, that's one of the things that makes us human beings.
Our social networks, our news, our mundane existence and our important moments are all mediated by algorithms, whose proprietary, profit-driven, ad-financed nature seeps into every small micro-interaction.
I want to be part of the resurgence of things that are tangible, beautiful and soulful, rather than just give in to the digital age. But when I talk to people about this they just say, 'Yeah, I know what you mean,' and stare at their mobiles.
There is a demon in technology. It was put there by man and man will have to exorcise it before technological civilization can achieve the eighteenth-century ideal of humane civilized life.
When you're trying to solve a problem on a new product type, you become completely focused on problems that seem a number of steps removed from the main product. That problem solving can appear a little abstract, and it is easy to lose sight of the product.
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