Darren Herft is an Australian businessman who has been featured in digital publications worldwide for his opinions on global debt, the economy and fiscal policy worldwide.
He started talking about these topics during the coronavirus pandemic to educate readers about the importance of innovation during dark times.
In addition to educating readers through digital publications, Darren Herft launched his official website to cover the importance of innovation in an economy that’s rapidly responding to the global pandemic.
While Herft maintains that it’s important for governments to support their citizens, he also thinks that governments should encourage innovation whenever possible, because innovation is a driving force of economic growth.
Darren Herft suggests that governments should think about the positive long-term benefits of innovation and find new and creative ways to incentivize it through fiscal policy.
Herft understands the benefits that innovation has on local communities and the economy as a whole. His first-hand business experience with technological innovation and his background in accounting and finance are just a few reasons why he is able to explain these concepts to readers in simple terms.
These ideas are also topics that Herft is passionate about.
The truth is that innovation makes people more productive, and it allows for increased economic output and growth.
In a 2019 Stanford article, Stanford University professor and economist Edward Lazear said, “There are two ways to achieve economic growth: Add population or make people more productive.”
Since productivity feeds into wage growth and overall economic growth, creating technologies to enhance productivity is a reasonable solution to long-term economic growth.
Many people are worried that technological advancements and innovation will leave people out of work, especially with the rise of artificial intelligence and automation, but Lazear thinks otherwise.
“As measured by participation in the labor force, jobs as a whole don’t disappear when new technologies change the nature of work. There was never a transformation as radical as the Industrial Revolution, he notes, yet the labor force grew,” said Lazear.
Engineering and Technology Magazine also noted that experts are confident that AI will operate hand-in-hand with humans in the workplace, not take their jobs.
To summarize, technological innovation makes people more productive and drives economic growth at the same time. That’s why Herft thinks innovation should be incentivized as much as possible to build better economy for tomorrow.
By shaping global fiscal policy with an emphasis on innovation, we can create more sustainable economies that benefit from the talents of its citizens.
B improving the way governments manage their economic expenditures, we have the potential to drive economic growth and prosperity to make conditions better for everyone.
Darren Herft discusses these issues and more on his official website. Visit his site to learn more about fiscal policy and innovation.