Thomas L. Friedman, The New York Times's op-editorialist
extraordinaire, penned a Sunday
column about a topic that could affect the future of the U.S.
economy. But while his overall point is on target -- he misses the mark
in a key way.
I agree with Friedman (pictured) on the main point, that a recovery
depends on small companies creating jobs. However, his prescription --
increasing the number of what he calls "high-IQ risk-takers" in the U.S.
-- won't do the trick. Instead, jobs will result when entrepreneurs can
get the capital they need to start and build successful ventures. And
getting that money takes more than just smart people.
Friedman's argument springs from what appears to be an interview with
Craig Mundie, the chief research and strategy officer of Microsoft (MSFT).
Although Microsoft has been a relative laggard technologically for at
least the last decade, Friedman appears to be swept away by Mundie's
viewpoint.
The Microsoft exec suggests that the problem with the U.S. economy is that so-called high-IQ risk-takers (a phrase that Friedman repeats eight times in his column) in business and government are being discouraged by "cutbacks in higher education, restrictions on immigration and a toxic public space that dissuades talented people from going into government." Moreover, Mundie argues that the common element that explains the "above-average returns as a country" for Singapore, Israel and America has been those high-IQ risk-takers.
To read the full, original article click on this link: Where Thomas Friedman's Prescription for Start-Ups Goes Wrong - DailyFinance
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