The power to generate value, which was always the preserve of the entrepreneur and their business, is shifting to the consumer.
The past 250 years of economic development have been remarkable. It is estimated that average real income per head has grown 10-fold in the past two and a half centuries.
In the most advanced economies, it is closer to a 20-times increase – all the more striking when you consider that throughout the 130,000 years of human existence prior to that, incomes probably multiplied by no more than three times. Add in the much greater quality and diversity of the…
