Can We Fund Solutions to Education, Healthcare, and Climate Issues?


Last week. I posted about modern monetary theory (MMT) and how it challenges conventional wisdom regarding deficits. Modern Monetary Theory and CriticsIn her recent book titled The Deficit Myth , Author Stephanie Kelton – Professor of Economics and Public Policy at Stony Brook University – explores the tenets of the theory and its implications to government spending. Progressive agendas aimed at solving the challenges of education, healthcare, climate change and others look at modern monetary theory as a possible solution. In contrast to borrowing money or raising taxes, the monetisation of government expenditure (its financing by the central bank’s creation of money) is costless, in that the government does not have to pay interest on cash.

The attention garnered by MMT has drawn its share of critics. In the interest of understanding both sides of this debate, I read a book titled Modern Monetary Theory and its Critics. The book is a series of essays edited by Edward Fullbrook and Jamie Morgan. As the authors state: in the wake of the decade of fiscal austerity following the Global Financial Crisis, and the apparent exhaustion of standard monetary policy strategies and the ever-increasing income disparity, interest in MMT has grown beyond academia. The skeptics provide a different point of view. As we search for answers to our pressing issues and strive to think differently, it’s prudent that we keep an open mind to these new ways of thinking, while at the same time, understanding their limitations. I recommend the book, which I have added to my Book Library.

 

 

Technology Pioneers Describe How the World Will Change By 2025


In a recent Article via the World Economic forum, author Saemoon Yoon identified 17 ways that technology could change the world by 2025. While the current pandemic exposed our vulnerabilities, it also shows what is achievable through collaboration. While efforts to collaborate globally must improve, a heightened visibility to the issues combined with an appreciation for the power of science and technology is a step in the right Direction. Here are snippets from the article that captures insight from 17 experts related to the world of 2025.

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The Deficit Myth


I wrapped up another great book. This one focused on government deficits as viewed through the lens of Modern Monetary Theory. Author Stephanie Kelton addresses the topic in her recent book titled The Deficit Myth. In this best seller, Ms. Kelton – Professor of Economics and Public Policy at Stony Brook University – explores the role of currency issuers (U.S., Japan, U.K., Australia, etc.) versus currency users. From the book:

“The distinction between currency users and the currency issuer lies at the heart of Modern Monetary Theory. And as we will see in the pages ahead, it has profound implications for some of the most important policy debates of our time, such as health care, climate change, Social Security, international trade, and inequality.”

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Immigration, Innovation and the Coming Migrations


The Future is Faster than you ThinkI recently added a new book to my Book Library. Authors Peter Diamandis and Steven Kotler explore the acceleration of technology and the Upheaval we are likely to experience in the coming decade. Diamandis and Kotler investigate how exponentially accelerating technologies converge and impact both our lives and society as a whole. They ask key questions like: how will these convergences transform today’s legacy industries? What will happen to the way we raise our kids, govern our nations, and care for our planet?

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The Mega-Trends that Shape the 21st Century


In a recent Article by Bryan Walsh, he describes the mega-trends that are likely to shape this century. These trends are driven by the Acceleration of innovation and a growing set of Societal Factors. In describing the seriousness of these trends, our author points to a forthcoming book titled “The Precipice”. In the book, author Toby Ord of Oxford’s Future of Humanity Institute gives one in six odds that humanity will suffer an existential catastrophe during the next 100 years — almost certainly due to our own actions.

In the book The Fourth Turning, authors William Strauss and Neil Howe  illuminate the past, explain the present, and reimagine the future. They offer an utterly persuasive prophecy about how America’s past will predict its future. Here is what they had to say:

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The Impact of Capital on Exponential Progression


In a post back in 2018, I described a phenomenon that contributes to the rapid Acceleration of innovation and scientific breakthroughs. Peter Diamandis coined the term Techno-Philanthropists and compared and contrasted them to the Robber Barons of a different era. Billionaires get a lot of negative press these days – but one thing is clear: their wealth is both accelerating the pace of innovation and addressing some of the world’s greatest challenges. Stories described by Articles like this one highlight the point.

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Yuval Harari Paints Pictures of Possible Futures


In his book titled Homo Deus, Yuval Harari provides a look into possible futures; he echoed those themes as he addressed the attendees of this years annual meeting of the World Economic Forum. WEF - Yuval HarariI encourage everyone to read his Address, as it touches on the three existential threats that he believes humanity faces: nuclear war, ecological collapse, and technological disruption. Given the attention paid to the first two, Mr. Harari focused his address on technological disruption.

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The Future of Farming


The global population is projected to reach 9.7 billion in 2050 – up from 7.6 Billion today. This population growth along with city expansions are having major consequences, driving a lack of growing space and food in many parts of the world. Add to this the concerns of extreme weather events that will disrupt food production, and you have a scenario that forces us to find creative solutions. According to various statistics, 795 million people don’t have enough food; and keeping pace with population growth requires a focused effort on realizing food abundance.

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Which U.S. State Generates the most Wind Energy?


Although we spend a lot of cycles debating climate change, some have placed economic development above ideology.  You wouldn’t expect a state tied economically and in the American imagination to oil, gas and coal, to lead the U.S. in wind power generation. Less restrictive zoning, taxation systems that encourage building, and robust transmission lines can enable this type of progress.

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Society 5.0


I found a very refreshing Article today describing Japan’s vision for the fifth iteration of society. Our hunter-gatherer days represent the first iteration, with agriculture coming in as number two and the industrial and information revolutions rounding out the next two. I’ve written about the Tipping Points in human history – and this vision of a future society is aligned with my point of view on the next tipping point. With each tip, we have experienced Unintended Consequences. Big visions such as these would be wise to ensure a balancing of the Opposing forces of Innovation.

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Trends that could change everything in the next decade


CCS Insight delivered a set of future predictions at its annual future-gazing event in London on Thursday 3 October. CCS InsightA longer than usual time frame was the focus, stretching to 2030. A total of 90 predictions were released. I include some interesting ones below.

 

PREDICTIONS

By 2021, algorithmic and anti-bias data auditors emerge to tackle “pale, male and stale” artificial intelligence.

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The Catalysts that Drive Human Action


The conversation regarding catalysts that drive human action has been fascinating. This poll initially launched back in February has had a great response – with some great insight. Please take the poll if you have not already.


One of our Lessons from History was the presence of catalysts that drove actions that ultimately shaped our future. The major catalysts of the second revolution were astounding levels of innovation,

Catalysts
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World War One, The Great Depression, World War Two, and the eventual democratization of innovation. What catalysts force stakeholder actions that ultimately shape our emerging future? Please help me build on this list and identify the most significant catalysts. Choose all catalysts that you feel will contribute – or add anything that I am missing. For a deeper description of catalysts, please see the lessons from history post.

Globalization 4.0


Within the context of the Fourth Industrial Revolution, the World Economic Forum is focused on Globalization 4.0. We are actually approaching Globalization’s Third Act. In a book titled The Great Convergence, Author Richard Baldwin describes the three constraints that have limited globalization: the cost of moving goods, the cost of moving ideas, and the cost of moving people. The first two acts of globalization occurred when the cost of moving goods and ideas dropped. While globalization raised the standard of living in several developing economies, the third constraint limited the breadth of impact.

In his closing chapter, Mr. Baldwin explores the possibility of a third act. This act is driven by dramatic advancements in areas that address the third constraint. If the cost of moving people were to drop, developing nations like South America, Africa, and others could be the beneficiaries of this third act. Globalization 4.0That aside, the World Economic Forum is looking at global risks and the need for global solutions. They identified Six Questions that must be addressed to make the next wave of Globalization work for all. They correctly state that facing future challenges requires dialog and input from all. Kudos to them for driving the dialog. The six questions are:

  1. How do we save the planet without killing economic growth?
  2. Can you be a patriot and a global citizen?
  3. What should work look like in the future?
  4. How do we make sure technology makes life better not worse?
  5. How do we create a fairer economy?
  6. How do we get countries working together better?

A very good set of questions. You can see how people responded to them by going Here.

Techno-Philanthropists Drive Exponential Progression


A group of billionaires have pledged one billion dollars to fund radical new energy technologies. Breakthrough Energy Ventures (BEV) is an investment fund that aims to accelerate energy innovation and disrupt the energy industry. This Bill Gates brainchild managed to secure a host of high-profile investors, including Jeff Bezos, Richard Branson, Jack Ma, and Michael Bloomberg – and they’ve just announced their First Seven Investments.

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