Summary of Lester Thurow’s Creating Wealth

Lester Thurow expresses some interesting and empowering ideas…

  1. Knowledge is the commodity of our age
  2. Wealth is desirable. Investment can make you comfortable, but never wealthy
  3. Reinvent yourself regularly – cannibalising your old behaviors!
    Difference and disequilibrium is opportunity.
    These may be technological (eg online education), developmental (copy from the developed world to the undeveloped world) or sociological (demographic changes eg increased need for nursing homes). Everything else is simply a commodity.
  4. Recognise weaknesses and use them where it is irrelevant
  5. Inflation is better than deflation
  6. Entrepreneurial skills are fragile: they involve destruction of the old! But, entrepreneurs are the emperors of the world! Skilled workers, telecommunications and transport, research and development are all areas that survive because of the entrepreneur.
  7. Embrace change – order is necessary, though not as important is change!
  8. Basic research pays – if ownership is clear.
    Adult education is vital – skills count first; yet the young learn more quickly (especially within private education)
  9. Take responsibility to have your own career
  10. Those interested in the future build tools.
  11. Economic progress is equivalent to environmental progress
  12. Luck is necessary – beyond talent, drive and persistence.
  13. Nothing grows unless productivity grows