Category Archives: Economics in Brief

Instead of soaking the rich, create some new riches: an update

drjohn11a

Dr. John Psarouthakis, Executive Editor.www.BusinessThinker.com.
Founder and Managing Director, www.jpmcenter.com

We all know that if we confiscate the entire 2017 earnings of the highest earners and sent it to Washington, you would solve almost nothing in Washington. Most of us, I hope, understand furthermore that pulling the One Percent’s wealth away from the capitalist funnel that feeds our economy would be worse than solving nothing; it would be a serious problem. This plan would, on the other hand, goad the very top layer of American wealth to do everything in its power to grow the economic pie.

I first thought of the plan applying to any person or entity with taxable income of $1 million a year or more. That was partly because a million dollars is certainly a nice income—but also because it’s an easy figure with which to work in sorting out numerical concepts. A $1-million cutoff would apply to an army of CEOs and business owners, but also to several battalions of quarterbacks, pitchers, power forwards, rock guitar players, actors, and media performers or executives. Applying the plan to the entire One Percent would cover any household making roughly $506,000 and up. Maybe the plan could be modified and applied effectively to affluent but somewhat lower pay grades. I don’t know. Economists and tax experts and actuaries and mathematicians who are whizzes with algorithms—lots of people need to have a go at fine-tuning and improving what I will call here “Economic Growth Corporations.”

These Economic Growth Corporations (EGCs) would not be think tanks, or advisory panels, or bureaucracies whose public benefit can be measured only via the most imaginative statistics. EGCs would be chartered to grow the economy in fact, not in theory and not as mere demonstration projects. EGCs would jumpstart our economic engine in ways numerous schemes, from “enterprise zones” to your town’s tax-abated industrial park, have never done.

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AI, Quantum & Entrepreneurship in China

Peter DiamandisDr.Peter H. Diamandis is a Greek American engineer, physician, and entrepreneur best known for being the founder and chairman of the X PRIZE Foundation, the co-founder and chairman of Singularity University and the co-author of the New York Times bestseller Abundance: The Future Is Better Than You Think.

Last week, Eric Schmidt, Chairman of Alphabet, predicted that China will “rapidly overtake the U.S. in artificial intelligence… in as little as five years.”

Last month, China announced plans to open a $10 billion quantum computing research center in 2020.

Bottom line, China is aggressively investing in exponential technologies, pursuing a bold goal of becoming the global AI superpower by 2030.

Based on what I’ve observed from China’s entrepreneurial scene, I believe they have a real shot of hitting that goal.

As I described in a previous tech blog, I recently traveled to China with a group of my Abundance 360 members, where I was hosted by my friend Kai Fu Lee, the founder of Sinnovation Ventures.

On one of our first nights, Kai Fu invited us to a special dinner at DaDong Roast, which specializes in Pei King duck, where we shared an 18-course meal.

The meal was amazing, and Kai Fu’s dinner conversation provided us priceless insights on Chinese entrepreneurs.

Three topics opened my eyes. Here’s the wisdom I’d like to share with you.

  1. The Entrepreneurial Culture in China

Chinese entrepreneurship has exploded onto the scene and changed significantly over the past 10 years.

IMHO, one significant way that Chinese entrepreneurs vary from their American counterparts is in work ethic. The mantra I found in the startups I visited in Beijing and Shanghai was “9-9-6” – meaning the employees only needed to work from 9 am to 9 pm, 6 days a week.

Continue reading AI, Quantum & Entrepreneurship in China

Job Prospects In Southeast Michigan Keep Growing – Unemployment At 16-Year Low

There’s good news for jobseekers; employers in southeast Michigan are hiring. From April through June, the region’s unemployment rate reached 3.8 percent—a low not seen since 2001. Yet, even with the number of job postings on an upward trend year-to-year, a stagnant labor force portends more workers will be needed to meet future employer demand in the region.

These latest findings and more are analyzed in the Q2 2017 labor market reports, compiled by the Workforce Intelligence Network for Southeast Michigan (WIN) for a 16-county area in southeast Michigan and other regions.

For the complete article please go to  http://bit.ly/2zde2sk