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Peter Thiel vs. Eric Schmidt: Has Technology Actually Stagnated?

By Peter Thiel · Startup Growth · 1 min read

Thiel says we were promised flying cars and got 140 characters. Schmidt says billions escaped poverty. Both are right.

Key Points

Schmidt argues globalization lifted billions from poverty in 30 years
Thiel counters that outside of computers, innovation has stalled
The debate exposes the gap between digital progress and physical-world stagnation

We wanted flying cars. Instead we got 140 characters.

Schmidt is Case: Billions Lifted

Eric Schmidt sees overwhelming progress. In 30 years, globalization brought billions from poverty to middle class.

Soon everyone on Earth will have access to all information, in their own language.

Medicine, genetics, and data analytics are unlocking problems that seemed permanent.

Thiel is Case: Where Are the Flying Cars?

Thiel pushes back. Yes, computers advanced. But everything else?

Transportation is the same. Energy is the same. Construction is the same. Healthcare costs more and delivers less.

Outside of the digital world, Thiel argues we are living in technological stagnation.

Both Are Right

The internet changed how we communicate. AI will change how we think.

But we still cannot build a house faster than we could in 1970. We still fly at the same speed as 1960.

The question is not whether we have made progress. It is whether we have made enough.