The Current State of the Economy
Economic solutions are not working as regulators have hoped. GDP, unemployment, inflation and the Federal Funds Rate all indicate a weaker economy than expected. The change in real GDP is anticipated to decrease through 2020 and by 1.8% over the long term. This is down from 2.8% this year. The unemployment rate is expected to remain stable around 3.6% and increase by 1% over the long term. Inflation has stabilized around 2% for the foreseeable future. The Federal Funds Rate is expected to increase each year through 2020. This would raise the current rate of 2.4% to 3.4%. The long-term outlook is a rate of 2.9%.
Millennials Welcome a Change
With all the negatives facing the coming economy, a change is welcomed. Something is not working as it once had. Modern business is not what it used to be. Millenials are now recognized as the driver of the new economy. Their perceptions, attitudes, and buying habits resemble almost nothing of the Baby Boomers. And yet, economic solutions seem stuck in an outdated mindset. Millennials tend to welcome change, more so than any generation preceding it.
The Internet’s Impact on Fundamental Economics
Even with all of the modern technology available to regulators, economic solutions are not as effective as they hoped. One glaring reason is the impact of the Internet. It has disseminated information in a way that has transformed the world seemingly overnight. The way humanity sees the world today has impacted economies, with millennials taking a leadership role.
Blockchain is Favored by Millennials
A growing number of millennials are investing in blockchain technology. Many believe it to be as impactful as the Internet was a generation ago. There is a high learning curve in using blockchain technology. Since millennials grew up with digital transactions, they can better grasp the importance of a digital ledger to an interconnected global economy.
A solution is needed for outdated economic policies. Fundamental economic change takes place slowly. With great swiftness, the Internet radically changed the world through the mass dissemination of information. Permanent digital ledgers are better understood by millennials. All of these issues are leading to a growing movement of millennials driving an interest in blockchain technology.