It’s time to demolish the myth of trickle-down economics – World Economic Forum

The World Economic Forum recently reported that:

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During the era of globalization, average annual income of the poorest 10% of people has risen by less than $3 each year.

The gap between rich and poor is reaching new extremes. Credit Suisse recently revealed that the richest 1% have now accumulated more wealth than the rest of the world put together.

 

This occurred a year earlier than Oxfam’s much publicized prediction ahead of last year’s World Economic Forum. Meanwhile, the wealth owned by the bottom half of humanity has fallen by a trillion dollars in the past five years. This is just the latest evidence that today we live in a world with levels of inequality we may not have seen for over a century.

Source: It’s time to demolish the myth of trickle-down economics | World Economic Forum

Life in Debt Valley

In one of the poorest parts of Britain, people still find ways to get what they want and to live their dreams. 34-year-old Maria is doing everything she can to find a job and keep her head above water as a single mum with a mountain of debt. Sue, a carpenter by trade, struggles to keep the bailiffs at bay while trying to find a way to give her daughters a holiday to remember. And Julie, burdened with a weight problem and a family tragedy, turns to local weight loss guru Linda to help her deal with both.

While many Valleys residents are living a hand-to-mouth existence, some businesses are thriving. Linda’s slimming class does a roaring trade in this obesity hotspot while pawnbroker David turns a tidy profit off the back of other people’s need.

5 ways technology will disrupt commerce | World Economic Forum

In the final flurry of Christmas shopping last year, a buyer in Miami snapped up a new, 18-carat rose-gold men’s Rolex watch for $29,000 on the eBay iPhone app.

A $14 trillion opportunity

Over the past few years, the speed of globalization has been astounding. The rate of adoption of the on-demand economy has been breathtaking. Technology, and mobile technology in particular, has driven a secular shift in the way we shop and live, causing the online and offline worlds to meld and fuse.

I believe the five trends I have outlined are capable of delivering another secular shift in commerce. It’s coming, and for companies ready to embrace it, there’s a $14 trillion opportunity at stake.

Source: 5 ways technology will disrupt commerce | World Economic Forum

Four Ways Millennials Are Changing Commerce

Source: Four Ways Millennials Ar

That ability to learn, recognize patterns, and make intuitive leaps is what finally beat a human champion, and why computer scientists find this development so exciting. The same kind of learning could help scientific researchers find breakthroughs, or create strategies for investing–or for winning wars. Not surprisingly, it is this same learning ability that frightens Elon Musk and others who’ve publicly expressed concerned about the long-term implications of AI.

You may love AI, or you may fear it. Either way, it just got a whole lot closer to thinking like you do.

e Changing Commerce