Märt Ridala's thoughts

The global economic situation has been gloomy in the last months and the newspapers are full of economic misery coming mostly from Greece and Italy. But things are not all bad! In Estonia we have had many great economic developments overall and especially in the IT and technology sector lately. Here is a list of some of them: The Seedcamp event in London was overwhelmed by "the Estonian Maffia", with 4 out of 20 participants and 2 out of 3 winners coming from Estonia . Fortumo, the mobile payment provider, was selected as the best Estonian company by Enteprise Estonia. This marks a significant shift of focus to young and innovative startups by the society and government. The delegation from Brussels is looking for premises for the European IT agency in Tallinn. We hope to have many European IT specialists and decision makers moving to Tallinn. (Tallinn is a nice town with a pretty Old Town so why not.) Flybe, Utair and Estonian Air have opened many new flightroutes t...

The "economic crisis 2.0" is a popular theme in the media right now and most certainly this is something that everyone of us should be concerned about. Stockprices have been falling for months, GDP growth has slowed to zero, most western nations, businesses and households have debts that really cannot increase and China is fighting with inflation. The methods used to soften the "economic crisis 1.0" in 2008 cannot be used this time anymore. So what is the solution and what are the methods we can use this time? The Reason In order to find a solution for the crisis I would define the primary reason for it. It is a bit abstract, but nevertheless it is true. The reason any economic crisis is that the things we do and how we do them no longer maches the technological and social situation of the society. By this I mean the following: - we overproduce some goods and services and underproduce others. This results in stores, businesses and factories being closed - the ...