| WFH works better for everyone. It reduces commute time.
- This saves environmental and energy costs - It increases worker productivity because now they commute time is recovered - Commute time was not accounted for in contracts, and was a cost of doing business. It is no longer the case. A common complaint is that Coordination costs have increased. However Data is missing for this. Further, Coordination activities are achievable online. Competitive firms will adapt and thrive. Bad firms will and should die. Other benefits:
- Less money is spent on rent, Especially in high rent locations. This means that more money is available for R&D, or to give to shareholders - Rent Money is now distributed across geographies - and will favor regions with lower costs of living. This spreads talent and wealth broadly, increasing chances for entrepreneurship and new businesses to flourish in those locations WFH was considered infeasible, but COVID provided hard evidence not only was it feasible, it was feasible at scale. The data has been updated, so our position has changed. Expanding the economic pie makes us all better off. WFH is probably one of the more interesting economic revolutions we will see in the developed world. |