Are we now living in a hedgehog economy? Consider this from a transcript of a discussion between Eric Schmidt, the CEO of Google and entrepeneur Peter Thiel. Here’s Peter Thiel
Google is a great company. It has 30,000 people, or 20,000, whatever the number is. They have pretty safe jobs. On the other hand, Google also has 30, 40, 50 billion in cash. It has no idea how to invest that money in technology effectively. So, it prefers getting zero percent interest from Mr. Bernanke, effectively the cash sort of gets burned away over time through inflation, because there are no ideas that Google has how to spend money.
Knowing One Big Thing has made Google fantastically successful. Is knowing One Big Thing enough to produce a nimble, growing economy and employ people?