Joseph Stiglitz: The Innovation Enigma

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March 10 (Bloomberg) -- On today's "Morning Must Read," Bloomberg’s Scarlet Fu and Adam Johnson recap the op-ed pieces and analyst notes providing insight behind today's headlines on Bloomberg Television's "Bloomberg Surveillance.” (Source: Bloomberg)


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This is "bloomberg surveillance." i'm tom keene.

We are not in texas, but new york and adam johnson as them -- has the morning must-read.

I dr.

Joseph stiglitz, -- this is by dr.

Joseph stiglitz, nobel laureate.

This is what he said specifically.

An innovator that makes a better website for dog food purchases may attract everyone around the world uses the internet but the net contribution to economic growth may be in fact relatively small.

That is a fascinating concept.

Jeff rosenberg, it effectively says we can innovate from now until 10 years from now and it doesn't really have that much -- are you buying that?

No, no, i think we have to be careful about talking but innovation and another related concept which is creative destruction.

Creative destruction is the key to healthy growth in the net -- and our economy.

It is what drives our economy.

The ability for new industries and technologies to overtake older ones.

That is what fueled economic growth and prosperity.

It is absolutely critical.

With the technological progress we have right now, are we creating jobs in a net basis or losing jobs?

Related to this debate on creative destruction is a debate on technology and its effects on jobs.

And there is, of course, winners and losers along the way.

But overall, over time, technology and innovation always wins and create new jobs.

The future.

So, that is a difficult transition.

The old industries lose and the people who work in those industries lose but the new industries create new jobs.

And the robots win in the meantime.

Is there a better way to look at employment to move along with the innovation that has happened?

One of the debates inside the jobs report -- we will talk about i'm sure later -- is the issue that you need a different set of skills for today's jobs.

If you are talking about only the robots win, who programs the robots, who builds the materials, discovers the materials that makes new robots function?

That takes a higher degree of education and background in order to be successful in that kind of career environment.

That is what is creating this dual track.

To close this out very importantly -- important.

A lot of the mail does not agree -- they say, no, technology taking our jobs away.

That would be the same mail from 300 years ago.

Luddites, that is what the word comes from, people who smashed the weaving looms because it took away weaving jobs.

I did remote that day --i was

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