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In the podcast, economist Tale Coen discusses the concept of 'Averages Over,' highlighting a world where workers are divided based on whether technology enhances their productivity or competes against them. This division leads to a stark contrast between income levels, with those adapting and acquiring necessary skills benefiting more.
Coen emphasizes the shift in job requirements towards information technology and software-related skills, highlighting the need for continuous retraining every three to five years. Those with strong work ethics and technological or interpersonal skills are more likely to succeed in the evolving job market.
The discussion delves into the evolving landscape of selling in a highly competitive digital environment. The advent of virtual reality, social media platforms, and advanced technology has significantly changed consumer behavior and market dynamics, rewarding authenticity, dedication, and niche targeting.
Coen discusses the growing divergence between wealthy and less prosperous regions globally, highlighting the lack of convergence in economic growth. This trend, indicating a shift towards creative clusters and regional disparities, poses challenges for regions striving to catch up with more advanced areas.
Coen emphasizes the significance of being 'meta-rational,' understanding personal limitations, and seeking mentorship to enhance judgment and decision-making. Acknowledging the importance of both online experimentation and face-to-face learning, individuals are encouraged to combine these strategies for continuous personal development.
There are only a handful of websites that I read religiously. One of those is MarginalRevolution.com, started by my next guest, Tyler Cowen.
Other than hosting one of the most popular economic blogs in the world, Tyler is also an economics professor at George Mason University, a regular New York Times columnist, and the author of over a dozen books, including Average is Over, and The Complacent Class.
With such a prolific guest, it’s no wonder that we cover a lot of ground. In this episode, we discuss:
And much more, including Tyler’s thoughts on minimum wage, bitcoin, and his favorite television programs.
If you want to upgrade your thinking so you’re prepared for the brave new world that’s rapidly developing before our eyes, you won’t want to miss this fascinating episode.
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