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.
It is not necessary to conceal anything from a public insensible to contradiction and narcotized by technological diversions.
The medium, or process, of our time - electric technology is reshaping and restructuring patterns of social interdependence and every aspect of our personal life. It is forcing us to reconsider and re-evaluate practically every thought, every action.
Think about technological float: it took centuries for the wheel to gain universal acceptance. Now any microchip device can be in use around the world in weeks.
If there's any object in human experience that's a precedent for what a computer should be like, it's a musical instrument: a device where you can explore a huge range of possibilities through an interface that connects your mind and your body, allowing you to be emotionally authentic and expressive.
You insist that there is something a machine cannot do. If you tell me precisely what it is a machine cannot do, then I can always make a machine which will do just that.
Electric power is everywhere present in unlimited quantities and can drive the world's machinery without the need of coal, oil, gas, or any other of the common fuels.
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