Globalization is not a recent phenomenon; it began in the 1870s when international trade and investment expanded to sell mass-produced products worldwide, driven by technologies such as steam engines and electricity. The peak of globalization occurred in 2019, just before the COVID-19 pandemic outbreak. The economy advances primarily through improvements in productivity. The technological advancements mentioned have significantly influenced this productivity growth. For example, a smartphone, which combines the functionality of a computer with that of a mobile device, exemplifies technological progress that has brought convenience to mankind. However, smartphone technology and network effects haven’t contributed to the expected boost in human productivity. Technology can be categorized into those that enhance productivity and those that do not. Although today’s technology development exceeds that of the past, it doesn’t automatically lead to greater productivity. To build wealth, incre...
Every benefit comes with costs and expenses. There can be no benefit without costs and expenses. Receiving a gift actually incurs costs and expenses. Whether we give our time or spend money to maintain a relationship with the giver, we are paying in some way. Even inheriting a parent’s legacy comes at a cost and expense. Since costs are incurred before gains, it’s more advantageous to learn how to manage spending effectively rather than just earning money to build wealth. Costing the cash is called INVESTMENT. Whether it is a wasteful investment (consumption) or an investment to accumulate value, this decision is ultimately up to you. - Joseph’s “just my thoughts”