Scott Stern

MIT Sloan School of Management

Massachusetts Institute of Technology

@sstern_mit Website

Professor Stern explores how innovation and entrepreneurship differ from more traditional economic activities, and the consequences of these differences for strategy and policy. His research in the economics of innovation and entrepreneurship focuses on entrepreneurial strategy, innovation-driven entrepreneurial ecosystems, and innovation policy and management.

Vote History

Statement Vote Confidence Comments
The increase in stock market volatility that began in 2018 will last for another three to five years. Agree 2 “Definitely not my area of expertise, but significant global uncertainty and differences in beliefs among investors seem likely to persist.”
A hard Brexit will have a significant negative impact on many businesses, even if they do not have a U.K. or European presence. Agree 4 “With London as a center for global finance, the potential for global macro effects seems significant, and uncertainty itself can be a source of hysteresis (see Nick Bloom and coauthors). It seems like most people believe that ‘something will be worked out,’ but it is not clear what will be done or by whom, to avoid significant economic impact on firms regardless of location.”
China is no longer the most attractive growth opportunity for Western multinationals. Agree 3 “There are a large number of emerging markets including Africa, MENA, and Southeast Asia. China continues to grow but seems less a unique juggernaut.”
In the next five years, the blockchain will have a transformative effect on finance in emerging markets. Strongly Disagree 7 “Blockchain has been seeking an application for more than a decade to no avail. While there are important use cases (e.g., Ripple international settlement), blockchain will survive as the use of cloud databases by distributed players who agree on particular verification standards increases. In the absence of a separate fundamental innovation, this will be an incremental rather than transformative advance.”
In the absence of a carbon tax, industry self-regulation can help mitigate the worst fallout from climate change. Disagree 9 “In the absence of an effective price for carbon, industry self-regulation is likely to have at best a very small impact on global climate emissions (even though emissions may go down dramatically in some regions [Europe] or industries [IT]). The problem is that, even if a given group reduces emissions, the overall impact of emissions depends on global output.”
Amazon’s new $15 per hour minimum wage will force other companies to follow suit. Agree 9 “The Amazon minimum wage will exert real pressure on entry-level wages for service-sector employees in labor markets, encourage the adoption of higher minimum wages in many metro areas, and leave at least some large retailers to conclude that getting ahead of the curve as a ‘good jobs’ company makes strategic and economic sense.”