It’s a great time

Lowell Catlett, an economist, futurist and professor at New Mexico State University, gave an engaging and enthusiastic keynote address at the 2014 Irrigation Show.

He cited improvements in the world’s ability to feed itself, a dramatic decrease in the number of people living in abject poverty worldwide and technological developments that are bringing people closer together as indicators that right now is one of the best times to be in business and to be hopeful for the future.

“It’s the most spectacular time to be alive to be in the field you’re in,” Catlett says. “The demand for what you do in this world knows no limits.”

Here are his main points:

-        Based on his research, economists are correct about 47 percent of the time – 3 percent worse than flipping a coin. “We cannot predict the future, but we can prepare for it,” he says.

-        Economic indicators look good. In the United States, 121 million households have a collective net worth of $83 trillion. Two-thirds of that wealth is controlled by Baby Boomers. “In 10 years, we’ll see the largest inter-generationl transfer of wealth in history,” Catlett says. 

-        Generally, when people get more money, they start changing things. In developing countries, that means they invest more in education and healthcare. In developed countries, that investment tends to come in the form of a more luxurious lifestyle – material goods and improving where they live. “What is a luxury to one generation becomes a necessity to the next,” Catlett says, which includes well-maintained landscapes in their homes and communities.

-        The oft-maligned Millenials make up the largest generation in U.S. history – even out-numbering Baby Boomers. They are focused on mobile technology, and are changing the way businesses operate. “If they can’t deal with you mobile, they aren’t going to deal with you,” Catlett says. “Anything that can be digitized will be.”