When it comes to the economy, economists are a little pessimistic. Many believe that humanity is reaching the limit of possible gains from the material world. There’s only so fast a train can go or a person can type. Eventually, we will hit a physical wall for what’s materially possible – and we’re getting close.
Technology Platforms That Could Grow
The Economy 4 Percent Or More
When it comes to the economy, economists are a little pessimistic. Many believe
that humanity is reaching the limit of possible gains from the material world.
There’s only so fast a train can go or a person can type. Eventually, we will hit a
physical wall for what’s materially possible – and we’re getting close.
But when you look at a chart of technological innovation over the last two
centuries, you gain a different perspective. The number of emerging technologies
today outstrips anything we’ve seen in the past.
In the 19th century, for instance, major innovations included the steam engine,
railways, and internal combustion engine. In the 20th century, we got the
telephone, automobile, electricity and computers. So far in the 21st century, we
are coasting on the effects of the internet. But from this decade onwards, we are
going to see the emergence of new technologies that could radically change
everything about the world. As with all new technologies, relatively few people
are aware of the impact that they could have. But their effects on the economy
are likely going to be tremendous – probably more than any of the innovations
that came before.
In this post, we take a look at some of the platforms that are going to grow the
future economy and why they’re exciting. These have three main properties that
you should know about.
1. Dramatic cost declines: All of the technology platforms we discuss below are
going through a process of rapid cost decline. That means that we’re
transitioning from a situation where very few people can afford them to the
stage where they will become cheap. Cost falls follow Wright’s law which says
that as demand follows a critical threshold, price collapses and production
increases in tandem.
2. All sectors and geographies: The internet and electricity penetrated all
geographies. So too will the technology platforms we discuss below.
3. Platform for innovators: Finally, these secto