On the panel were Google chairman Eric Schmidt, Vodafone CEO Vittorio Colao, Facebook COO Sheryl Sandberg, and Microsoft CEO Satya Nadella. During the session I frequently felt that that neither the optimistic statements of hope or anecdotes of those whose lives have improved adequately dealt with the challenge of the digital economy. I was tempted to quote Bill Clinton: “It’s the economy, stupid.”
The Digital Economy has become THE Economy. Yes, technology has created many wonders, but if we look at the macro level, the scorecard on economic results of technology are so far troublesome. Technology has unquestionably been at the heart of some negative developments including massive structural unemployment; growing social inequality where the benefits and wealth generated by technology have been asymmetrical; a fracturing of public discourse; and the loss of privacy and the rise of a surveillance society to name a few.