The Impact of Technology On The World Around Us
Technology has an interesting impact upon things that we know. Ultimately, it changes everything. This goes for the markets.
In this video I discuss some ways technology changes how things are viewed and also misread.
▶️ 3Speak
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Summary:
In this video, the speaker discusses the impact of technology on the macro world, particularly in relation to economic metrics and the behavior of economists. He emphasizes the inadequacy of traditional economic models in capturing the holistic view of technological advancements and their effects on GDP and pricing. The speaker highlights how technology drives prices down, causing deflation, and propels significant advancements in various fields like robotics, AI, and image recognition. Furthermore, he asserts that all businesses need to adapt to becoming technology companies or risk going out of business, using Walmart as an example of a traditional company embracing technology to stay competitive. The speaker concludes by emphasizing the importance of technology in shaping the future markets and the inevitable rise of technological unemployment.
Detailed Article:
The speaker begins by critiquing economists' reliance on traditional economic models and the linear approach to understanding complex systems. He emphasizes the need for a holistic view, advocating for monitoring the flow of money and capital as a more accurate gauge of economic trends. The discussion transitions into the impact of technology on GDP, using the example of recorded music to illustrate how technological advancements like streaming have deflated prices and changed consumption patterns, leading to shifts in economic metrics like GDP contribution.
The speaker delves into the historical perspective of technological progress, highlighting the rapid advancements seen in the last 40 years compared to previous centuries. He touches on the rise of service-oriented models driven by technology, such as Airbnb and Uber, transforming industries and consumer behavior. The discussion expands to include the exponential growth of technology, citing developments in robotics, AI, and image recognition as pivotal factors driving change across various sectors.
A key point made is the inevitability of technological unemployment, with the recent COVID-19 pandemic accelerating this trend. The speaker underscores the need for businesses to embrace technology to survive in the evolving market landscape, stressing that all companies must adapt to becoming technology companies to stay relevant. Walmart is used as a prime example of a traditional retailer investing heavily in technologies like robotics, AI, and blockchain to enhance operations and customer experience.
The speaker suggests that the distinction between tech companies and traditional businesses is becoming blurred, with all entities needing to incorporate technology to remain competitive. He predicts that companies like Walmart might acquire young technology firms to stay ahead of the curve, aligning themselves with the operational strategies of tech giants like Tesla and Google. The narrative concludes with a reminder of the ongoing technological revolution and its profound impact on markets, foreshadowing the age of automation and its far-reaching implications.