“When chairman talks, people listen”, Bill Clinton once upon a time praised Alan Greenspan. “Capitalism in America” is one of my favourite books in my home library. I bought a hard copy and an audio copy. I have listened the audio more than ten times as I often listened to it when I rode bicycle in the past two years.
Impressed me the most is his discussion and emphasis on productivity increase which is the key to growth and wealth.
Looking at the landscape after the Covid-19, fiscal and monetary stimulus are the reason of “growth” in GDP numbers, productivity is however a casualty.
- Work-from-home is a great set back of human evolution. Millions years after we walked out of caves we are heading back ironically. Companies are without many colleagues to accompany. Online and virtual meetings replaced in-person and candid gathering. Individually we may produce more however collectively we are producing less.
- Employees have lost home senses and belongings in workplace as a result of free space and open concept office.
- Salary hikes in response to high inflation do not help productivity increases in goods and services.
- Young people have difficulty to find jobs. New blood, new ideas and new technology, they are often the primary forces to drive productivity.
As my note goes to press, North American market plummeted 2-3% and I am watching Asian market plunging. Narratives are to focus on economic concern where productivity is at stake.
