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Archive for 3. Januar 2018

Innovationsexperte: „Erfinden ist wie Klavierspielen“

Posted by hkarner - 3. Januar 2018

Interview Jakob Pallinger,3. Jänner 2018, 14:51 derstandard.at

Zum Erfinden gehört, Fehler zu machen und die harte Kritik der Kollegen über sich ergehen zu lassen, meint Gründer Curtis Carlson. Er sieht Start-ups dabei im Vorteil

STANDARD: Was macht ein Unternehmen innovativ?

Carlson: Manche sagen, man müsse schnell scheitern, um bei Innovationen erfolgreich zu sein. Das ist eine schreckliche Idee! Es geht darum, schnell zu lernen. Ich vergleiche den Innovationsprozess gern mit dem Klavierspielen: Es hilft nicht, wenn dir jemand ein Übungsbuch zeigt, du musst üben und üben, um gut darin zu werden. Niemand wacht eines Morgens als weltgrößter Erfinder auf. Dazu gehört auch, Fehler zu machen oder sogar zu scheitern.

STANDARD: Wie soll diese Struktur in einem Unternehmen konkret aussehen?

Carlson: Bei unseren Beratungen geben wir Mitarbeitern einer Firma fünf Minuten Zeit, ihre Ideen zu präsentieren. Sie stehen auf und bekommen Feedback und Kritik von ihren Kollegen. Ein zentrales Konzept für die Präsentation ist die Wertvorstellung, bei der es um vier wichtige Fragen geht: Welchen Bedarf gibt es bei den Kunden? Wie kann ich diesen Bedarf ansprechen? Welche Vorteile bringt die Innovation für die Gesellschaft? Welche Auswirkungen hat sie auf die Konkurrenz? Jede der vier Fragen sollte beantwortet werden. Nimmt man eine weg, kann die Innovation nicht umgesetzt werden.

STANDARD: Aber wie lässt sich der Wert dieser „Wertvorstellung“ überhaupt definieren? Den Rest des Beitrags lesen »

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The Missing Ingredients of Growth

Posted by hkarner - 3. Januar 2018

Michael Spence, a Nobel laureate in economics, is Professor of Economics at NYU’s Stern School of Business, Distinguished Visiting Fellow at the Council on Foreign Relations, Senior Fellow at the Hoover Institution at Stanford University, Advisory Board Co-Chair of the Asia Global Institute in Hong Kong, and Chair of the World Economic Forum Global Agenda Council on New Growth Models. He was the chairman of the independent Commission on Growth and Development, an international body that from 2006-2010 analyzed opportunities for global economic growth, and is the author of The Next Convergence – The Future of Economic Growth in a Multispeed World.

Karen Karniol-Tambour is Head of Investment Research at Bridgewater Associates

Several positive macroeconomic trends suggest that the global economy could finally be in a position to achieve sustained and inclusive growth. But whether that happens will depend on whether governments can muster a more forceful response to changing economic and technological conditions.
MILAN/NEW YORK – Most of the global economy is now subject to positive economic trends: unemployment is falling, output gaps are closing, growth is picking up, and, for reasons that are not yet clear, inflation remains below the major central banks’ targets. On the other hand, productivity growth remains weak, income inequality is increasing, and less educated workers are struggling to find attractive employment opportunities.

After eight years of aggressive stimulus, developed economies are emerging from an extended deleveraging phase that naturally suppressed growth from the demand side. As the level and composition of debt has been shifted, deleveraging pressures have been reduced, allowing for a synchronized global expansion.

Still, in time, the primary determinant of GDP growth – and the inclusivity of growth patterns – will be gains in productivity. Yet, as things stand, there is ample reason to doubt that productivity will pick up on its own. There are several important items missing from the policy mix that cast a shadow over the realization of both full-scale productivity growth and a shift to more inclusive growth patterns.

First, growth potential can’t be realized without sufficient human capital. This lesson is apparent in the experience of developing countries, but it applies to developed economies, too. Unfortunately, across most economies, skills and capabilities do not seem to be keeping pace with rapid structural shifts in labor markets. Governments have proved either unwilling or unable to act aggressively in terms of education and skills retraining or in redistributing income. And in countries like the United States, the distribution of income and wealth is so skewed that lower-income households cannot afford to invest in measures to adapt to rapidly changing employment conditions. Den Rest des Beitrags lesen »

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Economy in Cartoons: How an Economy Grows

Posted by hkarner - 3. Januar 2018

Thanks to H.F.

Schiff how-an-economy-grows

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The Limits of Amazon

Posted by hkarner - 3. Januar 2018

Date: 02-01-2018
Source: The Wall Street Journal

The tech giant is very good at delivering what customers need, but is it as well positioned to sell them things they want?

Amazon is good at identifying commodity products and making those as cheap and available as possible, our columnist says.

Amazon.com Inc. is a colossus. In the near future, it could even surpass Apple Inc. as the world’s largest publicly traded company.

But whether you think it will get there depends on how big you think the market is for the products and services Amazon is best at. One secret to Amazon’s amazing scalability is this: Not everything is an Amazon business. Den Rest des Beitrags lesen »

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Global Stock Surge Mints More Than $9 Trillion in Market Value

Posted by hkarner - 3. Januar 2018

Date: 02-01-2018
Source: The Wall Street Journal

Almost every major yardstick for global stock prices ended the year with double-digit percentage gains

The Federal Reserve aims to raise interest rates another three times in 2018 and the European Central Bank plans to pare back the pace of its monthly purchases of government and other bonds starting in January.

Soaring stock prices across the globe added more than $9 trillion in market value to equity markets in 2017, the biggest one-year swell since the financial crisis.

Almost every major yardstick for global stock prices ended the year with double-digit percentage gains as improving economic growth and sturdy corporate profits coaxed investors to buy. At the same time, central bankers across the globe mostly kept their economic stimulus measures in place.

These efforts have pinned down borrowing rates and diminished the payout available for relatively safe government bonds, encouraging investors to own stocks even as equity valuations tick higher. Den Rest des Beitrags lesen »

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Buried bombs? The world economy

Posted by hkarner - 3. Januar 2018

Date: 02-01-2018
Source: The Economist

The IMF expects every large economy to expand in 2018. While a global financial crisis is highly unlikely this year, there are more than a few ways the current projections could go wrong.

China, where debt and new borrowing remain worryingly high, may not be able to maintain growth while putting out financial fires, and slower growth there would affect other economies.

The euro area could face a crisis like 2007-09, if a big economy with slow growth and high public debt loses market confidence and needs a bail-out too big for German voters to accept.

In the Middle East, meanwhile, a regional war would cause oil prices to soar, leading to a recession in developed economies that exposes unseen financial vulnerabilities.

Then there are central banks, which may cause a downturn by tightening policy too much, too quickly. Still, as the IMF’s forecasts indicate, all will probably be fine.

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The US Donor Relief Act of 2017

Posted by hkarner - 3. Januar 2018

Joseph E. Stiglitz, a Nobel laureate in economics, is University Professor at Columbia University and Chief Economist at the Roosevelt Institute. His most recent book is Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump.

There is nothing about the GOP’s recently-passed tax package that lives up to its proponents’ promises; it is neither a reform effort nor an equitable tax cut. Rather, the bill embodies all that is wrong with the Republican Party, and to some extent, the debased state of American democracy.

NEW YORK – Never has a piece of legislation labeled as both a tax cut and a reform been received with as much disapproval and derision as the bill passed by the US Congress and signed into law by President Donald Trump just before Christmas. The Republicans who voted for the bill (no Democrats did) claim that their gift will come to be appreciated later, as Americans see their take-home pay go up. They are almost certainly wrong. Rather, the bill wraps into one package all that is wrong with the Republican Party, and to some extent, the debased state of American democracy.

The legislation is not “tax reform” by even the most elastic reading. Reform entails closing distortionary loopholes and increasing the fairness of the tax code. Central to fairness is the ability to pay. But this tax legislation reduces taxes by tens of thousands of dollars, on average, for those most able to pay (the top quintile). And, when fully implemented (in 2027), it will increase taxes on a majority of Americans in the middle (the second, third, and fourth quintiles). Den Rest des Beitrags lesen »

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