This is was a fairly interesting Detroit Economic Club speech as Federal Reserve Board Governor Lisa Cook visited to talk about lots of interesting things as they relate to our current economy. Hosting those who are in the center of national decision making on important issues provides insight for the business community.
Remembered that policy impacts the economy in different ways and businesses should consider how policy impacts them and their operations. Staying on top of the news, meetings, conferences, etc. gives one a feel for the current economic trajectories.
-Labor productivity isn't growing as much as hoped. The 20-21 years productivity soared as people stayed home and businesses continued to function (I think this has something to do with information sharing increase. Perhaps just like when the Internet started there was a rise in productivity. I'm curious why it increased. You may want to read this interesting study on how universal internet access in the U.S. has flow output impact 3 X Covid and makes us more economically resilient to future catastrophes. In this case I agree that without the Internet the COVID pandemic might have brought the U.S. to its knees but we had one foot in the Digital Economy and many of our businesses adapted quickly. I'm curious about 2023/24 interchange. Adaptability led to a stronger economy than expected. Anyway....you can read the study HERE.).
-I agree that looking at long term trends are important but we should keep in mind anomalies such as COVID. The do weird things to our economy and create challenges and opportunities.
-I agree advanced manufacturing and creative development (I added the last term) are two ways to create sustained innovation and long term wealth through the creation of market driven products/solutions.
-While corporate R&D development is a central innovation strategy there are times when co development of multiple important capitalistic industries (i.e. widgets) and government industries (i.e. space, military, etc.) would shoot multiple birds with the same stone (i.e. innovative clusters and butterfly effect).
-Robots and wearable tech (Wearable tech is an extension of human skill and helps keep us adjusting and changing as a species. Robots are important but we should always keep in mind the need to have people incorporate new skills based on challenges from their environment. We must continue to learn and grow from generation to generation. The foundation of every state is the education of its youth. – Diogenes.)
-I agree that looking or alternative data sources, questioning the data, and knowing the data's limitations is important.
- Federal Reserve Board Governor Lisa Cook mentioned he wanted to stay on Lake Superior. Lots of great places but my recommendation is Munising (....of course after stopping by Escanaba to see the underutilized economic potential of this town with its infrastructure, affordable downtown for entrepreneurs, tourism, natural resources and industry. Squint your eyes and keep your imagination! Wouldn't it be super cool to build something specifically to solve some current challenges and to capitalize on the emerging digital economy? Just in case you don't know where its at here is the Google Map 🙏)
No comments:
Post a Comment