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Davos: Google’s Eric Schmidt, Tech Creates Jobs

Posted by: : Paul EbelingPosted on: January 24, 2015 Davos: Google's Eric Schmidt, Tech Creates Jobs

Davos: Google’s Eric Schmidt, Tech Creates Jobs


Google (NASDAQ:GOOGL) Boss Eric Schmidt said in Davos Thursday that the Internet will soon be so pervasive in every facet of our lives that it will effectively “disappear” into the background.

Speaking to the business and political elite at the World Economic Forum (WEF) at Davos, CH, Mr. Schmidt said: “There will be so many sensors, so many devices, that you won’t even sense it, it will be all around you.”

“It will be part of your presence all the time. Imagine you walk into a room and … you are interacting with all the things going on in that room.”

“A highly personalized, highly interactive and very interesting world emerges.”

On the sort of high-level panel only found at Davos, the heads of Google, Facebook (NASDAQ:FB), and Microsoft (NASDAQ:MSFT) and Vodafone (NASDAQ:VOD) sought to allay fears that the rapid pace of technological advance was killing jobs.

“Everyone’s worried about jobs,” admitted Sheryl Sandberg, chief operating officer of Facebook.  With so many changes in the technology world, “the transformation is happening faster than ever before,” she acknowledged.

“But tech creates jobs not only in the tech space but outside,” she said.

Mr. Schmidt quoted statistics he said showed that every tech job created between 4 and 7 jobs in a different area of the economy.

“If there were a single digital market in Europe, 4-M  new and important new jobs would be created in Europe,” which is suffering from stubbornly high levels of unemployment, he said.

The debate about whether tech is destroying jobs “has been around for hundreds of years”, said Google’s Boss. What is different is the speed of change.

“It’s the same that happened to the people who lost their farming jobs when the tractor came … but ultimately a globalised solution means more equality for everyone.”

One of the Key topics at this year’s World Economic Forum is how to share out the fruits of global growth, the Tech Barons stressed that the greater connectivity offered by their companies ultimately helps reduce inequalities.

“Are the spoils of tech being evenly spread? That is an issue that we have to tackle head on,” said Satya Nadella, CEO of Microsoft.

“I’m optimistic, there’s no question. If you are in the tech business, you have to be optimistic. Ultimately to me, it’s about human capital. Tech empowers humans to do great things.”

Facebook boss Sandberg said the Internet in its early forms was “all about anonymity”, but now everyone is sharing everything and everyone is visible.

“Now everyone has a voice … now everyone can post, everyone can share and that gives a voice to people who have historically not had it,” she said.

Mr. Schmidt, who said he had recently come back from the reclusive state of North Korea, added he believed that technology forced potentially despotic and hermetic governments to open up as their citizens acquired more knowledge about the outside world.

“It is no longer possible for a country to step out of basic assumptions in banking, communications, morals and the way people communicate,” the Google Boss said.

“You cannot isolate yourself any more. It simply does not work.”

Ms. Sandberg said that even the current pace of change is only the tip of the iceberg.

“Today, only 40% of people have Internet access,” she said, adding: “If we can do all this with 40%, imagine what we can do with 50, 60, 70%.”

Even 20 yrs into the global spread of the Internet, the potential for opening up and growth was tremendous, she stressed.

“60% percent of the Internet is in English. If that does not tell you how uni-nclusive the Internet is, then nothing will,” she said.

The World Economic Forum brings together some 2,500 of the top ‘movers and shakers’ in the worlds of politics, business and finance for a four-day meeting that ends Saturday.

Have a terrific weekend.


Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

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