Forget the current global issues and work for the future

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What will the future economy be?

The future economy is not that difficult to anticipate. We just have to focus on where the main investments are[2], and what the positive trends among the different markets are[3]. That’s how we identify 4 main economic fields that are growing fast:

  • Mass economy
  • Just in case economy
  • Luxury economy
  • Virtual economy
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Mass economy

Even though we are facing increasing shortage problems[4], mainly due to very long supply chains, we are in a transition phase that would lead to more local massive productions. They could be either a set of small producers or big ones. Those producers will be internationally connected but mostly virtually: it will be possible to share proven practices and best product management, by the surrounding available resources. The reduction of transportation means will be compensated by improved complexity management thanks to technology.

Photo by Nico Smit on Unsplash

Just in case economy

In addition to the mass economy covering basic needs, there will be local initiatives to create innovative products but at a smaller production rate than before[5]. Devices and skills will be available to create a part to repair something or to build a specific product for a specific purpose (ex: a 3D printed personal prosthesis or a hand-crafted woolen sweater).

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Luxury economy

One of the main ongoing positive trends is the boom in luxury sales[6]. Such an economy will expand in big cities, as they will continue to receive a wide variety of products, but at a lower scale than before. Even if it is a small part of the global population, it remains an important part in terms of creativity, innovation, and technology.

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Virtual economy

Metaverse, Social media reputation, remote working, Pass systems, virtual transactions, etc.

Conclusion

Most of us don’t like change and would like to revive “good old times”. It’s human and completely understandable. But time changes, it’s the only constant. Perhaps we shouldn’t fight for things that we haven’t the power to change, but rather use our powers to work in new environments as if they were great adventures.

Sources:

[1]https://www.nato-pa.int/document/2021-global-economic-crisis-implications-and-prospects-oztrak-report-018-escter-18-e

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Nicolas MARTIN

Nicolas MARTIN

Lead Data Scientist. Topics: Deep learning, mathematics, manufacturing engineering, history. https://www.linkedin.com/in/nicolas-martin-a2668122/