Interesting talk by Google’s economist

Came across a very  interesting talk by Hal Varian (Google’s chief economist) from Mckinsey Quarterly

Here are the few points that I picked :

1. There is more data but relatively lesser info & hence even lesser knowledge on a relative basis. Is there an opportunity here? Understanding the context by weaving the information available  &  giving consumers a Cohesive,Time-relevant & Location-relevant info so that it helps them to take an informed decision can be a big opportunity. (Sounds complex? More on this later)

2. Because of the web, there is a paradigm shift in the way we work. Work is coming to us rather than we going to work. This is making society more productive.

3. Innovation :  Combination & re-combination of components in an ecosystem makes innovation possible. Earlier the cost of combining these components was larger & hence I guess the opportunities were limited. In today’s world, the web ecosystem with its low cost components (apps, languages, protocols,cheaper storage etc) has become a fertile ground for innovating. Better is you can recombine these endlessly to create value at low cost. Today you can build an app, ride it on the social network, reach a critical mass, scale your system at low cost with clouds.All this in a far easier & faster way than say 3 years ago. If something goes wrong, you can recombine these components & redesign things with lesser pain. These are surely exciting times.

Surely a talk worth spending time & sharing.