Alan Weiss’s Monday Morning Memo® – 01/10/2022
The unemployment rate is around four percent, which is almost at pre-pandemic levels, and most economists consider this full employment because those still unemployed are the chronically unemployed.
The stock market, in a bumpy but steady trajectory, is progressing upwards, having hit new records. Covid has moved from epidemic to pandemic to endemic, meaning that it’s now a part of society and needs to be lived with through preventive and contingent actions. It’s not going to be eradicated. In some cases, enlightened views are reducing isolation periods and “lockdowns” are ending in favor of sensible restrictions. But in others, there is stubbornness, such as teachers unions demanding remote learning, which we know doesn’t work and which leaves a generation of kids poorer for it. But the kids aren’t the teachers’ customers in the union’s view of the world. Education requires more innovation, not simply “safe” retreating.
Tesla (and I acknowledge Elon Musk is not one of my favorites) has proved highly innovative in terms of taking what chips it could find and rewriting its software to use them, instead of being captive to foreign interests and control, which other American auto makers are. As always, innovation is a mark of the best companies.
Mutatis mutandus, we are resilient and successful. Not everyone, of course, and not always. But what matters is to control our fate the best we can, not to give up, and to rely on solid information and knowledge, not on conspiracy theories, paranoia, or guilt. I think in the next two months we’ll see a continuing, steady decline in Covid hospitalizations and serious illness among the vaccinated. What we will continue to see will be analogous to the flu (endemic). The unvaccinated will take their chances and will continue to burden the health care systems.
There is every reason to believe that 2022 will be a terrific year if we act responsibly and innovatively. That will mean rewriting our own software for the human-computer. There is no “new normal,” there are only new realities.
Intelligence is the ability to adapt to change. —Stephen Hawking
All we have is the knowledge passed on to us by our elders, experiences we inculcate and hardly negate. But to bridge the generation gap, one needs to adapt to the new while retaining the goodness of the old. —Sonali Bendre
Adapt or perish, now as ever, is nature’s inexorable imperative. —H. G. Wells