According to Nobel laureate Paul Romer, the technological opportunities presented to the United States were “squandered and squandered” and the country lost out to India in ensuring that the technology was used in accordance with government regulations.
Optimism about what technology can do remains valid: “I still believe in it,” the former World Bank chief economist said while addressing world leaders at the 2024 NDTV World Summit. Ta. He added that issues like climate change can be tackled through technological innovation without compromising economic growth.
Romer, who debunked the theory in the 1990s that oil would run out and the world economy would collapse, said that history has shown that humans have “innovated upon innovation” and that the real opportunities are extremely limited. He said that it was a positive thing.
“The question is, when we are given an opportunity, what do we do with it?” Romer said the digital opportunity given to the United States has been squandered and staggeringly squandered. “The way to see what we (the US) have lost is to compare our successes in the way we use technology in India.”
Romer emphasized that one sign of the dramatic improvement in living standards is the steady increase in life expectancy across countries and time periods. “Life expectancy in the United States has stopped growing and is actually declining,” but Silicon Valley is reluctant to use that measure as much as it used to.
He said this technology has been used to improve the quality of life in India as the Indian government has decided to harness the opportunities of technology to benefit everyone.
