Globalization is not a recent phenomenon; it began in the 1870s when international trade and investment expanded to sell mass-produced products worldwide, driven by technologies such as steam engines and electricity. The peak of globalization occurred in 2019, just before the COVID-19 pandemic outbreak. The economy advances primarily through improvements in productivity. The technological advancements mentioned have significantly influenced this productivity growth. For example, a smartphone, which combines the functionality of a computer with that of a mobile device, exemplifies technological progress that has brought convenience to mankind. However, smartphone technology and network effects haven’t contributed to the expected boost in human productivity. Technology can be categorized into those that enhance productivity and those that do not. Although today’s technology development exceeds that of the past, it doesn’t automatically lead to greater productivity. To build wealth, incre...
What defines an elite? Is it someone who has studied a lot and done well? Is it someone who has a lot of experience? If so, is it someone who has a lousy personality despite having prominent abilities? The word elite comes from “meritocracy.” People who have worked harder than others and won the competition believe they should receive more benefits. Excessive meritocracy harms the common good. “If you’re envious and regretful, you do so too! Can’t you do that?” stems from the misguided belief that one’s success and victories are solely due to one’s own efforts. - Joseph’s “just my thoughts”