Recent changes have made the future of the economy uncertain. But Geoff Colvin, Fortune magazine’s senior editor-at-large, will be in Milwaukee on Monday, June 26 to discuss this new economic order and what risks and opportunities it presents during his keynote speech at the Milwaukee Jewish Federation’s 2023 Economic Forum.
Born and raised in the Midwest, Colvin is an award-winning thinker, author, broadcaster and speaker on today’s most significant trends in business. He is considered one of America’s sharpest and most respected commentators on topics ranging from leadership, globalization, wealth creation and the technological revolution.
At the Economic Forum, Colvin will be giving an overview of what he believes to be the biggest challenges facing the economy in the United States and analyzing how companies can respond to the changing economy. While he will develop his exact talking points the night before to present the latest data and insight, Colvin said he will touch on the potential avenues forward to navigate a new economic order.
Colvin will be talking about the hot topics of rising inflation and the potential for a recession in addition to the role that generative artificial intelligence plays in the economy.
“What will the role of people be in an economy where generative AI plays a larger and larger role?” Colvin said. “There’s a lot of promise there, but there’s also a lot of threats.”
Midwestern states are currently grappling with what will be the foundation of the economy as technology progresses, according to Colvin. With manufacturing currently the largest sector in Wisconsin, Colvin said the question of whether humans will be employed in the industry in the future is at stake. As the economy shifts, Colvin said he is giving extra attention to the fields of healthcare, education and entrepreneurship for a state like Wisconsin.
Despite the potential consequences of artificial intelligence, Colvin said he doesn’t view it as the biggest challenge facing the economy.
“The greatest threat to the U.S. economic order is not any one big dramatic thing,” Colvin said. “It would be a gradual deterioration of the factors that have made this economy so successful for so long.”
America’s free labor market system, emphasis on quality education, strong capital markets and culture surrounding risk-taking and learning from failure are what makes the U.S. economy prosperous to Colvin. He said it can be easy to forget about these elements, but they are vital to our economic strength.
“We don’t realize it because we live in it every day, but this is a culture where you can fail and you can get another chance,” Colvin said. “We cheer for the people who are the underdog — for the person who failed and is trying again. And that really helps bring some of the world’s best and brightest people to our country. We should be grateful for that. And we should never lose that.”
The Economic Forum is co-chaired by Linda Goren’s-Levey, David Lubar and Greg Marcus. It is supported by several local business sponsors. More information is at MilwaukeeJewish.org/EconomicForum.
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