Future job market will split workers based on tech productivity, requiring continual retraining.
Success in evolving job market hinges on strong work ethics and tech/interpersonal skills.
Emergence of VR and social media reshapes consumer behavior, favoring authenticity and niche targeting.
Deep dives
Averages Over - Understanding the Division in Workers
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.
Adapting to the Shift in Job Market
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.
Impact of Virtual Tourism and Technology on Selling
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.
Economic and Cultural Implications of Regional Divergence
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.
The Role of Mentorship and Continuous Learning
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:
How the future of labor will look drastically different than it does today, and what we can do to future-proof our livelihood
The pros and cons of virtual reality and the impact it could have on society
The fate of newspapers and how information will be more and more “bundled” according to our tastes and preferences
Race relations in the world, and how in many ways we’ve taken discouraging steps backwards
How we’re losing touch with the physical world, and some of the symptoms that indicate that we could be in for a rough ride
What Tyler suggests doing to improve decision making and how important (and rare) that skill will be in the coming years
Tyler’s advice to parents about how to foster resilience, tenacity and internal drive in their children
Tyler’s “quake books” and the reading process he’s developed over the years that keeps him sharp
Why giving books as gifts can be dangerous
The one skill every person should possess before Googling anything
What playing competitive chess as a child taught Tyler about how he thinks and views the world today
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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