Darren Herft is an Australian businessman who discusses topics such as innovation, fiscal policy and economics on his personal site and as a frequent interviewee on digital news platforms.

Last month alone, Darren Herft was interviewed by the Ritz Herald, the London Post UK and the Los Angeles Tribune for his input on solutions to the global debt crisis and about the current state of low-interest rates around the world. He also discussed the implications of high interest rates and the factors that influence it.

Driven by his ambition to educate people about economic issues during uncertain times, Darren Herft has talked about the benefits of innovation and how it positively impacts economic growth while reducing the burden of global debt over time.

Herft says innovation is key and during times like today, countries around the world need to invest more in innovation across sectors. He says governments need to consider supporting citizens more during these unprecedented times, but they need to revise the methods they use to provide support in the long run. 

Herft says, “They need to provide more stimulus, not only to individuals, but to companies to innovate.”

When companies innovate successfully, they create more jobs and opportunities for citizens and for the global economy as a whole. That’s why, according to Darren, long-term innovation strategies are essential in boosting the support governments can provide to citizens. Innovation also improves the productivity of people over the long-term.

A 2018 issue of the Harvard Business Review outlines how humans and artificial intelligence (AI) are joining forces and working together. As AI becomes more efficient at, studies show that it can boost human productivity of the workforce. In addition, AI tends to work hand-in-hand with people to enhance their productivity rather than replacing them in their jobs.

The report stated that companies achieve the most significant performance improvements when humans and machines work together. People demonstrate capabilities such as creativity, social skills, leadership and teamwork, while machines have the ability to make the process easier. They have speed, scalability and superior quantitative abilities.

While Herft doesn’t discuss AI specifically, he has a lot of experience and admiration for technological innovation as a whole.

Things like manufacturing, innovation spending and concentration of high-tech companies all play a role in determining how innovative a country is.

Darren encourages governments to consider long-term plans for innovation and to adapt their fiscal policy around those plans, so that over time, economies can become more sustainable and provide more benefits and opportunities to its citizens.

To learn more about innovation and fiscal policy, visit the official website of Darren Herft  or watch one of his explainer videos on his YouTube channel, outlining the economic benefits of innovation.

This video on Darren Herft’s official channel outlines the impact of global debt and discusses how fiscal policy and innovation can be a potential long-term solution.