Unleashing the new wealth of nations

Abstract

Economic growth and wealth creation was once exclusively a product based operation, through sale of goods (cattle, cars, planes, trains, parts). Today, it is also based on services. Economic growth through services, naturally, started with financial services, circa 1300. In the 20th century, economic value from the use of “data as a service” was made possible by the creation of the Atanasoff-Berry computer in 1942. Geographic limits on the export of knowledge was rendered agnostic, when the internet was publicly released by the NSF, in 1995. In the 21st century, the information economy is still crawling, with 60% of the world not yet connected to the internet. Those who are connected may not have the necessary access. Expert knowledge arbitrage, combined with data as a service, are major economic drivers, which is far from its utilization potential, in the US. Therein, lies vast opportunities. Reasonable weather, low incidences of natural disasters, and basic infrastructure makes certain locations more attractive. Dynamic demographics, academic institutions and cultural liaison to large external markets, are other positive features, for the future of wealth creation.