Saving America

Today the new iPhone 5 was announced, and within hours the Financial Post had a headline about the new iPhone saving the US economy, “Could the new iPhone save the US economy?  JP Morgan thinks it might!”  JPMorgan’s chief U.S. economist (Michael Feroli) is quoted in support of FP’s article.  I believe the next phrase you are thinking after reading that is something than means, ‘inane exaggeration’ but describes bovine output. 

That the newest gadget is impressive is beside the point.  The chief economist of one of the largest financial institutions in the world is crunching numbers about the overall impact of a single new gadget!  Now don’t get me wrong – the reason I read the article is because I followed the link at the bottom of a Google News section on Apple.  I am a confessing Applevangelist.  But is the world economy really so much about flash and sizzle?  After all, an iPhone is only a device that is supposed to help make you more productive in real life.  It is a tool, not ‘real life’ by itself - it is to us in the wired world what a shovel is to a farmer in the developing world.  A better shovel might mean better crops – or it might mean the farmer who spent all his money on it spends a lot less on seed and has fewer crops to show for it.  

I would think it better economics to crunch the numbers about what a new gadget means to the productivity of the people using it.  I wonder if Mr. Feroli would crunch that number for us.  Perhaps he would, if only he had a better smart phone.

http://business.financialpost.com/2012/09/10/could-the-new-iphone-save-the-u-s-economy-jpmorgan-thinks-it-might/

Interesting graphic about iPhone users:

http://socialtimes.com/differences-between-an-average-iphone-and-android-user-infographic_b75069