Wonderful Article today in the Wall Street Journal: The Coming Tech-led Boom. By Mark L. Mills and Julio M. Ottino. Try to find it and read the entire article. Here are my take-away highlights:
Since 1912 we have had 100 years of phenomenal growth as a
nation. And Americans are 700% wealthier
in real terms. This in spite of 19 years of "recession" economics.
What caused this? It
was 5 emerging technologies that hardly anyone realized would blossom into
drivers of the economy. What were they?
- Electrification
- Telephony
- Dawn of the Automobile Age
- Invention of Stainless Steel
- Radio Amplification
Now, in 2012, we sit on 4 new emerging technologies that
will transform things forever and favor the US over other nations (but the effects are hard to visualize today -- just as they were in 1912) :
- Big Data
- Smart Manufacturing
- Wireless Revolution
All of these are most favorably fostered in the USA. We also have the world’s best education
system in terms of diversity of thinking, and by 2010 we will have a younger population than China
and aging Europe and Japan.
What are these ?
Big Data with the Cloud and other things will allow
astronomical feats of analysis, lead to medical revolutions, and other things
unimaginable at the moment.
Smart Manufacturing is nearing the point where we can
produce 3-D parts and even whole washing machines just as we print 2-D
documents today with a copy machine. New products are appearing using new
materials, created by technology.
Materials that didn’t even exist a few years ago. Some of which are even invisible. This kind of smart manufacturing will be
defined by HIGH TALENT, not CHEAP LABOR.
The US
is poised to provide that.
Wireless Communication is such a revolution, soon most
humans on the planet will be connected wirelessly. And cheaply.
Sharing ideas, socializing, trading goods and services in real time. The
germs of this revolution lie in the USA. Arab Spring is a visible part of what this
can do politically and this future is just opening up.
Another important point, our culture favors
this kind of innovation – and changing culture is very difficult and takes
years. Other countries might try, but
it will take years and years if they accomplish it at all. We have a head start.