Date: 2024-12-21 Page is: DBtxt003.php txt00019271
Event ... July 29, 2020
Columbia Webinar on Health Policy
Chat / Questions
Peter Burgess
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Date: 2024-12-21 Page is: DBtxt003.php txt00019271 | |||||||||
Event ... July 29, 2020 | |||||||||
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Burgess COMMENTARY Peter Burgess | |||||||||
| Economists are quite good at analysis ... but when it comes to management (that is moving the needle) they have been catastrophically ineffective in all my adult lifetime (about 60 years !!!!!!) In addition to the USA being built up from 50 States ... it is also the sum of the top few and the bottom many. The economics of the top and the economics of the bottom are VERY different, and neither have much in common with the total average of the country ???????????? The modern socio-enviro-economic system is catastrophically dysfunctional, but it has produced impressive profitability for owners and pathetic outcomes for society and the environment. The metrics used by economists and business investors need to be upgraded so that they are fit for purpose in the modern era. Modern business accounting is several hundred years old and very powerful ... but no longer fit for purpose. It should be upgraded NOW !!!!!! NOT SENT ... Race is very very important ... but the cause of a lot of important issues is actually not because of race, but because of multiple issues that are more serious because of race. What this means is that white, black and brown folk will all suffer in a similar way when the underlying econ NOT SENT The answer to this question should be that we need to have releveant effective metrics ... what we have is the myth that more GDP means better life and better profits and this is decades out of date !!!!!!!!!!!!!!!!!! Good question ... all the metrics are based on the idea that more and more profit is better. Nearly all Boards of Directors on planet earth and investors only get interested in profit performance, which is nutty. Most of economic performance is reported by companies about companies ... yet in the modern world we the people with a cell-phone probably can change the knowledge base about companies and company performance in a massive way !!!!!!!!!!!!!!!!!!!!! Who is Maya going to be working for in 5 or 10 years time? Students are pretty well motivated ... but the workplace a few years out is a mess? The structure of the real economy 60 years ago was very different from the structure of the real economy now. The amount of profits being extracted by owners in the digital economy is maybe a 100 times more aggressive than in the industrial economy. This is never addressed ... but is very serious, in my view. YES ... and the household wealth of a working class white family in 1960 was quite strong, but 60 years later has probably gone negative. This is a problem. The sad story is that this is aggravating everything to do with race ... which is an incredibly important issue that MUST be fixed. Productivity and profits have increased by maybe 700% in the last 40 years but sages maybe 7% ... and nobody in leadership has raised hell about this in all this time ... why not?????? | |||||||||