WASHINGTON: Federal Reserve Chairman Ben Bernanke said pessimists predicting the economy won’t reap significant benefits from the computer revolution are likely wrong.
Bernanke told a class of college graduates yesterday that the long-term practical consequences of innovations like faster computers and the internet are hard to predict. But he said the inventors have only scratched the surface of the commercial applications that can be had in areas such as medicine and clean energy.
Bernanke’s remarks came in a commencement address at Bard College at Simon’s Rock, a small liberal arts college in Great Barrington, Mass. Bernanke’s son, Joel, graduated from the school in 2006.
The Fed chairman made no comment on interest rates in his speech, saying he wanted to use his speech to focus not on short-term economic issues, but to talk about measured economic growth. over decades.
“We live on a planet which is becoming increasingly rich and populated and in which not only the most advanced economies but also the large emerging countries such as China and India increasingly see their future as linked to technological innovation,” Bernanke said in a text of his remarks, which were published in Washington.
“The number of trained scientists and engineers is growing rapidly, as are the resources for research provided by universities, governments and the private sector,” he said. “Humanity’s capacity to innovate and the incentives to innovate are greater today than at any other time in history.”