What Is Money?

  Hello. My name is Roger Jones and I am coming to you from beautiful downtown Lisbon, Portugal. Last week I met in France with a number of thought leaders from around the world. It was a high-altitude environment, and when I left my head was swimming with new thoughts. I would like to combine…

Why Healthcare Cannot Be a Completely Free Market

The concept of supply and demand is the cornerstone of economic theory. For simple commodities, the theory predicts that the demand for a product decreases as the price of the product increases and consumers are unwilling to pay the higher price. The supply increases as the price increases and suppliers increase production to capture increased profits. The actual price of the product is a compromise between the desires of consumers and the acumen of suppliers.

The Decline and Fall of Globalization

To understand what happened in the recent US Presidential election, we have to go back to the early 1980s. At that time the overall global social mood shot upward, probably as a consequence of growing international financial integration that tended to undermine the age-old paradigm of “international diversification”. As the social mood became ever more positive, feelings that “everyone is a potential friend” grew stronger and drove events toward increasing interdependence, trade, and cooperation. It’s no accident that the European Union was formed during this period, along with the World Economic Forum in Davos. This story is graphically shown in the diagram below, where we see globalization totally flat until the mid ‘80s, where it exploded until around 2008.

Some Modest Proposals

I am a social-media whore. I am awake after midnight fascinated by what people might say next. Now that Mr. Trump won the Presidential election, the future no longer seems to be constrained by civilized precedent. Any proposal is now taken to be credible; even the dismantling of the extremely popular Medicare is on the table.

Business Resilience

In the mid 1860s, mining engineer Fredrik Idestam established two ground wood pulp mills on the Nokianvirta River near Tampere, Finland giving rise to the name of the firm we all know today as Nokia. How that company trans- formed itself from a wood pulp company producing paper products to what was up until a few years ago the world’s largest cell phone manufacturing firm is a circuitous tale. This story is a fascinating account of how alert management can shift the focus of an entire organization in time with changes in the outside world so as to more effectively deploy available resources. At one time or another, Nokia proceeded from the production of paper to producing rubberized cables for telephone and electrical firms, as well as bicycle tires, and rubber boots. In the mid-twentieth century, Nokia expanded its repertoire to include consumer electronics by manufacturing electricity generation machinery, personal computers, and communication equipment. In 1992, the firm decided to abandon consumer electronics and focus solely on the rapidly growing telecommunication sector. This decision sowed the seeds of Nokia’s early dominance of the cell phone business when the company used its expertise to develop the GSM technology, which was later adopted as a de facto standard for mobile telephony in the 1990s. It’s estimated that by 2008 worldwide GSM connections were growing at a rate of over one million per day.