Jeff Booth on the Power of Falling Prices in Technology and Healthcare
What if all our everyday assumptions about economics are wrong? This week Harry speaks with author and entrepreneur Jeff Booth, who says the most powerful force for change in the future will be deflation: the ability to get more for less. Even the healthcare industry will feel the effects, he says. Listen to find out how.
What if all our everyday assumptions about economics are wrong? This week Harry speaks with author and entrepreneur Jeff Booth, who says the most powerful force for change in the future will be deflation: getting more for less. Even the healthcare industry will feel the effects, he says. Listen to find out how.
Booth is the author of The Price of Tomorrow: Why Deflation is the Key to an Abundant Future. The book argues that the most powerful force for innovation and change is not endless investment and growth, based on an inflationary idea that everything always gets more expensive, but technology-driven abundance, powered by exponential, deflationary trends in computing and storage that drive the price of everything down.
Booth says governments should stop striving to ward off deflation and recognize that economic systems built around credit, debt, and eternal inflation only reinforce radical inequality and class resentment. As the deflationary force of technology spreads to even more industries—including healthcare—it will become necessary to rewrite all the rules of business and investing, he argues. Even healthcare organizations and drug developers will be forced to adapt to exponential technology change, such as the exploding amount of data on individual patients, Booth says.
Booth co-founded Vancouver, BC-based BuildDirect, an online marketplace for building and home-improvement products, and is now a co-founder and advisor to numerous technology startups.
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