Defining Monetary Growth
Eric Schmidt Keynotes - Eric Schmidt's keynotes are a fascinating perspective on modern technology and the competitiveness...
While there is a somewhat hazy definition of growth that exists in the corporate world, Schmidt argues that at its bare bones growth should include the process of innovation. Simply selling companies that are experiencing increased profit margins at a higher price than what they were purchased for does not define growth.
Instead, as Schmidt argues in this economic development keynote, growth occurs when new products are developed for the good of the population as a whole. Government spending and inflation of the price of goods does not constitute an economic advancement, rather, this advancement occurs when cutting-edge companies create new goods and services.