Passion and curiosity pay dividends, and the cost of the stork option in S'pore...

Tom Friedman often writes provocative commentaries that are also insightful. I recommend this one which appeared in TODAY (Feb 15):

It's P(assion)Q and C(uriosity)Q, as much as IQ

 http://www.todayonline.com/commentary/its-passionq-and-curiosityq-much-iq

Here's a key extract:


In their terrific book, Race Against the Machine: How the Digital Revolution Is Accelerating Innovation, Driving Productivity, and Irreversibly Transforming Employment and the Economy, Mr Erik Brynjolfsson and Mr Andrew McAfee of the Massachusetts Institute of Technology note that for the last two centuries it happened that productivity, median income and employment all tracked each other nicely.

“So most economists have had this feeling that if you just boost productivity, the pie grows, and, in the long run, everything else takes care of itself,” Mr Brynjolfsson explained in an interview. “But there is no economic law that says technological progress has to benefit everyone. It’s entirely possible for the pie to get bigger and some people to get a smaller slice.”

Indeed, when the digital revolution gets so cheap, fast, connected and ubiquitous you see this in three ways, he added:

* Those with more education start to earn much more than those without it;
* Those with the capital to buy and operate machines earn much more than those who can just offer their labour; and
* Those with superstar skills, who can reach global markets, earn much more than those with just slightly less talent.

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Singapore: The Stork Option

Meanwhile, how much does it cost to raise a child in Singapore nowadays? Writing in ST's Opinion (Feb 15), Mr Joseph Chong, a financial adviser, estimates the total cost up to tertiary-education years -- borne by the parents as well as the state -- comes to S$900,000!...