Europe Is Losing

Europe's share of global economic output has fallen from 33% to 23% since 2005 while its space launch capacity has nearly collapsed, launching just four rockets this year compared to over 100 for the United States and 40 for China.

Sweden has quietly spurred economic growth by cutting back its welfare state—tightening government spending, revamping the pension system and slashing corporate and personal tax rates. Per capita incomes are now climbing, and the country has seen a burst of entrepreneurship. Sweden even moved ahead of the U.S. in the number of billionaires per capita, thanks to a thriving tech startup scene and a video-game industry that has produced hits such as Minecraft and Candy Crush.

Uber’s Robotaxi Is No Quick Delivery

We have not fully contextualized the impact of the gradual automation of our everyday life and how much it reduces economic activity. Waymo’s driverless profits flow mostly to its investors, employees, and eventually Google’s shareholders. The local economic impact is close to zero, barring a few taxes. 

Humans buy coffee, gas, and stay in the city. They even pay taxes on their income. They support the local ecosystem. A self-driving car company has none of those inefficiencies. Good for profits, not so much for the local ecosystems. Others see Waymo’s success and want the profits, just as fast-food chains want robots flipping burgers.

This is something that I keep wondering myself. If AI/robots replace the human workers, where will the humans get the money to buy the food or service or whatever.