The U.S. Chamber of Commerce Foundation reads the Internet so that you don’t have to, sharing a short list of curated blog posts for your Friday reading.
Richard Florida has an incredibly detailed look at DC’s growing knowledge-based economy.
Harvard's Ricardo Hausmann finds the roots of wealth in tacit knowledge: The informal information that's bound up in people and societies. Wealthy economies are like "symphonic orchestras" that weave this knowledge together over time into institutions and prosperity. One key takeaway from this is that "knowledge moves when people do," and thus why skilled immigration can be such a powerful force for growth.
IBM's Watson will change the way we work.
Mark Perry of AEI looks at how the shale energy boom serves as a reminder of the “ingenuity, risk taking, and entrepreneurship in America.”
Cato’s Brink Lindsey recently hosted a discussion on his paper, “Why Growth is Getting Harder.” It was a terrific, wide-ranging discussion on a particularly strong report. The reply by Tyler Cowen, an economist at George Mason, though is especially worth noting for his thoughts on what the future of growth may look like. He offered 6 reasons to be even more pessimistic about America’s growth prospects than even Lindsey, while matching them with 2 causes for optimism.
Reasons to fear for future rates of growth
When I speak with female executives about the importance of mentoring over on my Forbes blog, More Power Seats, we often discuss it in the traditional sense: a successful executive in the peak of her career advising someone just starting out.
But there is also another type of mentoring that has been emerging when I talk with these executives: reverse mentoring. As the name implies, this type of mentoring entails a young professional teaching a seasoned professional. While it is a non-traditional concept, it is catching on at large, traditional companies from Proctor & Gamble to Time Warner.
Reverse mentoring was originally embraced by Jack Welch in the late 90s to help older GE executives enter the Internet age, but with the quickened pace of social media and new, disruptive technology, integrating it into your business strategy is even more crucial today.
Unlike traditional mentoring, which is often a unidirectional transaction (the seasoned worker giving back to advance the next generation of workers), reverse mentoring allows both mentor and mentee to further their careers.
How reverse mentoring benefits seasoned workers (“mentees”):
Two recent reports—the World Bank’s Doing Business Index and the Legatum Institute’s Prosperity Index, offer different takes on the same picture of American competitiveness. And the result is that while the United States remains well-placed relative to the rest of the world, the trends and hidden changes are alarming.
Here are the main takeaways:
- Global prosperity is rising, while the United States’ continues to decline. America’s overall ranking in Legatum’s Index sits at 11th worldwide, up 1 place from the year before.
- The U.S. is now outside of the top 20 of Legatum’s Economy sub-index due to declines in “gross domestic savings; high-tech exports; access to adequate food and shelter; confidence in financial institutions; and overall satisfaction with standards of living.”
- The United States is now ranked 20th in the world in starting a business, according to the World Bank, after dropping 9 points from last year.
- The U.S. performs especially poorly in the ease of paying taxes (ranked an abysmal 64th) and dealing with construction permits (34th in the world).
Norway now sits atop Legatum’s Index, while Singapore claims top billing for the World Bank.
This is a repost from the U.S. Chamber of Commerce Foundation's Business Civic Leadership Center's Blog. Click here to view the original post and to learn more about BCLC.
The one-year anniversary of Hurricane Sandy is coming up next week, on October 29. On that day, you will be hearing many stories about the “Superstorm,” ranging from heartfelt stories of perseverance to tragic stories of loss to criticisms of a slower than expected recovery.
I have been working at BCLC for six years, and disasters have been a part (sometimes much more than a part) of my work for all of that time. One thing that I have learned is that they call them disasters for a reason. There has never been a perfect relief or recovery, and as long as humans are running things, there never will be. But that doesn’t mean we can’t do better. A few years ago, I wrote a whitepaper on what a successful disaster recovery looks like and I think that many of those same lessons still apply today.