Realities of the 2020's
I'm Dr. Dave Kohl, professor emeritus agriculture, economics, and Academic Hall of Famer from Virginia Tech, Blacksburg, Virginia. Well, today's subject matter is the realities of the 2020s. What are some of the realities of the 2020s? First of all, the black swans, like the pandemic, that is going to be a reality. And again, we're going to see future bioshocks and the bioshocks maybe more severe, and more often.
Also we are going to see not only bioshocks but gridshocks, or for example, as we move to more electric vehicles or electric this, electric that we open ourselves up for magnetic shocks. The second thing is inflation and extremes and volatility are going to be in the modes of operation. But one of the things is, as much as we have inflation five years, 10 years from now, we may be in it deflationary environment. So you've got to kind of plan for both of those types of environments.
Another reality of the 2020s is the green movement, carbon payments. And one of the things is we're in the first couple of innings right now of this. It will accelerate mid decade and it's going to be an opportunity. But with that opportunity, it's going to require a higher level of record keeping and documentation to justify the payments.
Finally, one of the critical elements of the 2020s is going to be people skills. You know, we often operated a farm business. We were independent. We didn't have to deal with people. Well, one of the things that's going to happen, it's going to be reality of the 2020s. We are going to have to be interdependent, whether it's inside the business or working with the public.
Finally, it's going to come down to the hub principle. That is, we've got to hear, we've got to understand what's being said, and what's not being said. And then finally, one of the things is we got to take action and be accountable. See you the next time for more business and economics.