The dawn of a booming growth – The Secular Stagnation will not take place

Supercroissance, FYP éditions, 2017

 

Facing a world of depleting natural resources and exploding demographics, we find ourselves doubting the validity of the mass consumer paradigm.  Confronted by rising inequality, we question the power of the State’s capacity to bring back prosperity.  Even worse, the Third Industrial Revolution has failed to live up to its promise of robustly sustainable growth.  This “techno pessimism” has hampered our belief in progress.  Technology and innovation are no longer considered factors of collective emancipation:  Peter Thiel, guru of the Silicon Valley and founder of PayPal and Palantir has said, “We wanted flying cars, instead we got 140 characters!”  The uberization of jobs and the advent of the knowledge-based economy benefit a fortunate minority while unskilled workers are left to starve.  These doubts have resurrected the fear of an upcoming “secular stagnation.”

But…  could we be wrong?  Might we be at the cusp of a massive wave of exploding economic growth?  Would the headwinds of growth be mere figments of our imagination?

We are barely scratching the surface of what the power of disruptive innovations should bring:  3D printing, big data, advanced robotics…  Thanks to open software and crowdsourcing the era of collaborative innovation is just ahead of us.  Information is shared more easily multiplying opportunities of co-inventions.  What we are experiencing is a period of destructive innovation like never before.  The current downturn of economic growth shall be a temporary adjustment.  We are at the dawn of booming growth!

  • The author:

Faÿçal HAFIED is a financial analyst, specializing in venture capital. He has written books on financial valuation of start-ups and disruptive business models. He is a columnist in the French written press, covering innovation policy matters.

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