JOSEPH SCHUMPETER
Capitalism hasn’t failed — we’ve actually greatly benefited from freer market
Schumpeterians believe that government attempts to help, help and help again are the root cause of all that has gone wrong. They link this to declining GDP growth, angst among workers that 'decent jobs' are disappearing, rising inequalities, a soaring number of billionaires, rising inflation, crazy stock market valuations, Trumpist populism, protectionism and soaring fiscal deficits.
Silver Medal Linings: In sports, business, or elections, it is the runner-up who defines a memorable winner
Evolution has hardwired into us the idea of a winner and, by the principle of complementarity, a loser. Out of breath and hiding away from a sabre-toothed tiger, managing to grab a seat on one of those Polynesian canoes headed to Hawaii (no stops), escaping the yearning jaws of prehistoric crocodiles at a watering hole, it was either ancient cremation rites or a few extra happy years for furthering hominid genes. Not a surprise that our genes learnt to be selfish, to think of a binary of win or lose.
AI for Everyone: How open-source Language Models that power AI like Chat GPT are changing the game!
Open-source Language Models (LLMs) are revolutionizing the field of data science. While models like ChatGPT exhibit remarkable power and omniscience, open-source LLMs offer a viable solution for designing LLMs tailored to specific needs using targeted data, ensuring maximum data protection while saving costs.
View: India must not stifle its digital market with regulations
With our history of regulations stifling markets, it is prudent to avoid a repeat of history. More importantly, it will send a message that the regulatory regime in India frowns upon large profits, and investors and entrepreneurs should take their capital and ideas elsewhere.
Disruption will always be capitalism’s secret sauce
The business world has eased on the reality as well as the idea of disruption.
FAANGs won't bite forever: Why Big Tech monopolies are only temporary
However, in a June 2019 analysis, Ryan Bourne of the Cato Institute says history shows that supposed monopolies are temporary, and old giants are constantly ousted by new ones. The Great Atlantic and Pacific Tea Company (A&P), the US retailing giant of the 1920s-30s, was prosecuted for monopolistic practices, but was downed by new technology and market forces that led it to bankruptcy in 2010.
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Recovery a la Schumpeter
At the same time, he favoured stabilising the krone at its current value rather than its pre-war parity. These measures would bolster the confidence of foreign investors, on whom Schumpeter pinned his hopes...
Presenting the Jury for The Economic Times Awards for Corporate Excellence 2021
Meet the high-powered jury that will pick the winners of India Inc’s most prestigious awards: The Economic Times Awards for Corporate Excellence 2021
View: Govt needs a fresh approach to Big Tech regulation with an unbiased mindset
Most measures taken by regulators to address issues like ex ante regulation or anti-trust enforcement do not appear to be well thought-out. Such measures either fail to serve their intended purpose, or give rise to other issues. Result: lose-lose.
Presenting the Jury for The Economic Times Awards for Corporate Excellence 2020
Meet the high-powered jury that will pick the winners of India Inc’s most prestigious awards: The ET Awards for Corporate Excellence 2020.
Surviving the coronavirus pandemic: Important lessons from Germany's Mittelstand
Commerzbank, the biggest lender to Mittelstand firms, also told Reuters that the number of companies going into "intensive care" was lower than it had feared and there was no rush by its clients to get new credit lines.
View: Big tech needs regulation but government action no solution
Some aspects of the internet giants (including Google) should be regulated. Their tax loopholes should be closed. But the reason is less their monopoly power than unanticipated side-effects such as privacy problems and proliferation of hate speech and falsehoods.
View: Rescue solvent companies but kill off zombies
The rescue ops will, rightly, save fundamentally productive firms, but also, wrongly, create many zombies.
How legendary entrepreneurs created a brand of their own
In the past, a legendary gallery of inspired souls created wealth through growing brand-new opportunities or dramatically redefining and expanding current business opportunities, often globally.
A World Bank economist shows how to create the right jobs for a country
Job creation, or the lack of it, is the central political economy issue today.
'Nandan Nilekani can provide stability’
Nilekani has also managed to be close to the current BJP administration despite him contesting from South Bengaluru seat on a Congress ticket in the last general election.
At 7.6%, India is the fastest-growing economy or the best data fudger
7.9% growth is something else: a crazy statistical fudge, a delight for emperors in need of clothes, spikes in the hearts of Kuznets. Here is why.
Innovative firms will survive any slowdown
I don’t see any imminent bust hitting new-age companies because unlike in the past, these companies have robust revenue models.
How supposed job losses can actually mean rising prosperity
Rising productivity surely causes some job losses, but creates jobs elsewhere.
Will China and India destroy the world?
Summers questioned whether it was wise for rich nations to be shored up financially by developing ones in Asia that could crash at any time.
Japan Inc faces the challenge of modernizing economy with a corporate sector anchored in past
Sony’s curt dismissal of a foreigner’s advice last week didn’t shock Michael Woodford, the former chief executive officer of Olympus Corp.
Budget 2013 to give a big boost to insurance sector
For its size and potential, India has an abysmally low level of insurance penetration and density, writes Arvind Kumar, an IAS.
India's pharma deals unleash potent form of creative destruction
Amid-size Indian pharmaceutical company called Strides Arcolab has sold its business of making branded generic drugs in Asia and Australia, to an Australian company.
National Innovation Council report is opportune
The timing of the National Innovation Council (NInC) report is opportune, but needs to be backed up with more vision.
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