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...
A big supermarket can do business in the suburbs because of wheels. If someone asked me what is one of the greatest inventions in human history that civilization has ever developed, I would say "wheels." The automobile is also a wheel. Shopping carts are also wheels. Without wheels, how many people would go far and carry heavy loads? Mass distribution is possible because of wheels. To do bulk sales, you have to have a lot of inventory. That means you need a lot of storage space. It also means you need cheap real estate. The trivial circle, the wheel, is the key to solving all these constraints in one shot. - Joseph’s “just my thoughts”