The rise and rise of the global balance sheet: How productively are we using our wealth?
Net worth has tripled since 2000, but the increase mainly reflects valuation gains in real assets, especially real estate, rather than investment in productive assets that drive our economies.
By Jonathan Woetzel, Jan Mischke, Anu Madgavkar, Eckart Windhagen, Sven Smit, Michael Birshan, Szabolcs Kemeny, and Rebecca J. Anderson – We have borrowed a page from the corporate world—namely, the balance sheet—to take stock of the underlying health and resilience of the global economy as it begins to rebound from the COVID-19 pandemic. This view from the balance sheet complements more typical approaches based on GDP, capital investment levels, and other measures of economic flows that reflect changes in economic value. Our report, The rise of the global balance sheet: How productively are we using our wealth?, provides an in-depth look at the global economy after two decades of financial turbulence and more than ten years of heavy central bank intervention, punctuated by the pandemic.
Across ten countries that account for about 60 percent of global GDP—Australia, Canada, China, France, Germany, Japan, Mexico, Sweden, the United Kingdom, and the United States—the historic link between the growth of net worth and the growth of GDP no longer holds. While economic growth has been tepid over the past two decades in advanced economies, balance sheets and net worth that have long tracked it have tripled in size. This divergence emerged as asset prices rose—but not as a result of 21st-century trends like the growing digitization of the economy.
Rather, in an economy increasingly propelled by intangible assets like software and other intellectual property, a glut of savings has struggled to find investments offering sufficient economic returns and lasting value to investors. These savings have found their way instead into real estate, which in 2020 accounted for two-thirds of net worth. Other fixed assets that can drive economic growth made up only about 20 percent the total. Moreover, asset values are now nearly 50 percent higher than the long-run average relative to income. And for every $1 in net new investment over the past 20 years, overall liabilities have grown by almost $4, of which about $2 is debt. more>
Posted in Business, EARTH WATCH, Economy, Education, History, How to, Net, Regulations, Technology
Tagged Business improvement, Capital, Industrial economy, Leadership, McKinsey, Skills, Technology, Wealth
By Szukang Hsien – Displays are ubiquitous in modern cars, from instrument clusters to center stack touchscreens, head-up displays, rear-seat entertainment, and more. It is estimated that there are up to 12 displays per vehicle in today’s automobiles. The vast automotive display market is dominated by TFT-LCD technologies while OLEDs may play a significant role in the future. For TFT-LCD panels, a majority is still white LED edge-lit displays, which need precise, constant current sink to drive these LEDs.
The display receives power through multiple rails while the video signal receives power through the gigabit multimedia serial link (GMSL). It converts serial LVDS data to a parallel interface in RGB format. A high-voltage buck converter provides the main 5V or 3.3V rail, which feeds the rest of the low-voltage circuits while the high-voltage LDO provides the always-on power to the MCU. The LED driver is usually directly connected to a car battery, which is needed to support lower battery voltage for start-stop systems as well as cold-crank conditions. more>
Posted in Business, Economy, Education, History, How to, Product, Technology, Transportation
Tagged Business improvement, Capital, LED design, Manufacturing, Skills, Super regions, Technology