A Quote by James Surowiecki
Technological innovation has dramatically lowered the cost of computing, making it possible for large numbers of consumers to own powerful new technologies at reasonably low prices.
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It is irrational to charge high prices for socially valuable innovations as this guarantees that they will be underutilized. It is much better to sell them at cost and then to reward the innovator in some other way. This is not always possible, because in some cases the value of an innovation is in the eye of the beholder; it's very difficult to value how much a new Madonna song is worth, for example. But in the case of medicines, green technologies and seeds in agriculture, such an alternative reward mechanism is fairly straightforward.
Fracking has been a real technological change that has caused great innovation in our business, and we've had the benefit of very low gas prices for our customers as a result of that.
Over the last ten years, technological advances have dramatically lowered the financial bar for starting a new company, but the courage bar for building a great company remains as high as it has ever been.
Items of interest will be located, identified, monitored, and remotely controlled through technologies such as radio-frequency identification, sensor networks, tiny embedded servers, and energy harvesters - all connected to the next-generation internet using abundant, low-cost, and high-power computing.
Given the incredible power of these new technologies, shouldn't we be asking how we can best coexist with them? And if our own extinction is a likely, or even possible, outcome of our technological development, shouldn't we proceed with great caution?
The problem with Wal-Mart is that it's a business model premised on offering the customer low prices at any cost - any cost to society, any cost to workers. They've got a lot of competition and have influenced people to follow their model through simply providing a model that is so successful at making profits.
Trust the young people; trust this generation's innovation. They're making things, changing innovation every day. And all the consumers are the same: they want new things, they want cheap things, they want good things, they want unique things. If we can create these kind of things for consumers, they will come.
The aspirations of democracy are based on the notion of an informed citizenry, capable of making wise decisions. The choices we are asked to make become increasingly complex. They require the longer-term thinking and greater tolerance for ambiguity that science fosters. The new economy is predicated on a continuous pipeline of scientific and technological innovation. It can not exist without workers and consumers who are mathematically and scientifically literate.
Gene therapy technology is much like computing technology. We had to build the super computer which cost $8 million in 1960. Now everyone has technologies that work predictably and at a cost the average person can afford.
My instinct is to assume that we consumers are an inconsistent bunch. We like competition if it delivers low prices, but grumble if it delivers the bad news that prices need to go up.
We have this highly irrational system of incentivizing innovation for clean and green technologies, where we allow the innovator to have a temporary monopoly and then mark up the price of the product or sell licenses at high prices to those who want to use the kind of product that the innovator has invented. This system is collectively irrational because many people, to avoid the inflated prices of still-patented cleaner and greener technologies, opt for some older technology that is much more polluting.
Google is a company whose very existence depends on innovation - on inventing things that are new and didn't exist before - and on refining existing ideas and technologies to allow consumers to do things they couldn't do before.
If you look across the economy, if you have multiple players in an industry, you have more customization, more innovation, greater choice for consumers. The more you have consolidation, the less likely you are to invest in innovation. It becomes all about driving down cost and mass production. And that's not good for innovation in an industry.
Despite a lingering low inventory and increasing prices, consumers still have the confidence to purchase a home. More and more people recognize the many opportunities in this market and the significant value of low interest rates. As job creation and wages continue to improve, many more first-time buyers are now making the decision to become homeowners.
The old computing was about what computers could do; the new computing is about what users can do. Successful technologies are those that are in harmony with users' needs. They must support relationships and activities that enrich the users' experiences.
Technological society leads to increasing numbers of people who cannot adapt to the inhuman rhythm of modern life with its emphasis on specialization. A class of people is growing up who are unexploitable because they are not worth employing even for the minimum wage. Technological progress makes whole categories of people useless without making it possible to support them with the wealth produced by the progress.
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