Before you write off the American economy, consider this remark from Nathan Myhrvold, the ex-Microsoft genius who now runs an idea factory called Intellectual Ventures: “For the last few decades I’ve bought Japanese or German cars but no Japanese or German software. Only the United States can handle the thinking speed of the software field.”
We live in a country where makers of high-value-added software are hounded as antitrust outlaws, while the smoke-belching industry of making money-losing cars is lavished with government bailouts, but never mind that. US business ingenuity is so robust that not even the government can kill it.
As Gregg Easterbrook demonstrates in his engaging new book, “Sonic Boom: Globalization at Mach Speed” (Random House), the big challenge today is to accept challenge — perpetual, stressful, constant upheaval. The chances that someone in your family will suffer economic trauma — pay cut, loss of job — in a given year are up to 26%. Like the treadmill, the world economy punishes as it delivers benefits.
Original Article: Don't Panic: because American innovation will save the economy - NYPOST.com
Author: Kyle Smith
