In the latest Tech Talk with @taskmaster4450, we talked about the economics of technology and how it impacts the world in the past, present and future.
In this first podcast episode from the series we’re doing on this topic, we introduce the concept and define what the economics of technology means.
We also tie this idea into a current global event that many people (especially those in the crypto space) are watching with a close eye: money printing and hyperinflation.
While many people expect a massive degree of hyperinflation in the U.S. Dollar, we talk about the vital role that technology plays in offsetting that inflation.
The central point of this conversation is that the pace of technological innovation - whether you’re looking at cryptocurrencies and blockchain or consumer electronics like smartphones, etc. - is happening so rapidly that it is creating entirely new economic impacts that can’t be measured by old standards & metrics.
One thing that many of us often laugh at is the opinion of analysts/investors on tech companies. Look at CNBC or look to investors like Warren Buffett and see how they have done in analyzing the impact of tech companies.
Buffett got into Apple only in the last few years after much of Apple’s growth had already taken place.
Analysts on CNBC completely miss the valuation of Tesla and why the company has massive potential.
All of this and more tie directly into the idea of the economics of technology and how we simply don’t have the right framework and tools to measure the exponential impact that technology makes on the global economy.
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"Economics of technology" That's a solid discussion theme worth a deeper look. Thanks for giving out these insights @taskmaster4450.
From the above, technology is much more than hardware. There is a great need for economists to roll out new metrics to measure tech development in recent times.
My key take away in the podcast is that information is crucial in boosting the economies through technology. The ability of the tech developers to package information about their development or innovation is crucial in adding or taking away economic value to the organisation concerned.
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Information about technology and how it's being used is definitely vital - especially when we step back and take an investor's point of view. New metrics are constantly arising, but despite how much we believe tech is vital to the world, I think we're still at the cusp of understanding just how valuable innovative technology really is.
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Agreed, who are those responsible for this dissemination? The innovator, the investor, a third-party professional?
How then do we break it down to the common man?
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Personally, I think it's a mix of all 3. Especially when you find them in one form factor.
When you look at people like Elon Musk, he's a man who can articulate and excite people about a future that is filled with wondrous technology, innovation and growth. He's an innovator, an investor and he's a professional in terms of capability and day-to-day work life.
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Exponential growth in technology is always possible and I am wondering if we invest in initial phase then we can do wonders to our investments.
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Investing early has tended to do two things:
I think a core differentiator is in the investor's ability to not necessarily predict the future, but to instead understand the underlying technology and it's future impact as it is adopted into society
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Hmm. I also read somewhere that out of 10 ,9 ideas fail and still VC cover up the loses and make profit from that 1 successful idea,
I know many people that believe in the old ways and don't embrace technology. I think you need to learn about technology so you can make it benefit you, make your life easier and capitalize in business.
I agree, there are so many amazing reasons to understand and embrace technology. From a personal level all the way up to the business/investor level.
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