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Eric Schmidt is the Executive Chairman for Google (formerly CEO from 2001–2011). Prior to joining Google, Eric served on the board of directors for Apple Inc., the board of trustees[…]

Eric Schmidt appeared on a panel called “Taking the Long View – Building an Economic Foundation for the Future” at the Nantucket Project, a festival of ideas centered around the theme of change in today’s world. In this panel, Schmidt participates in a conversation that was stacked with financial heavyweights including former Harvard President and Clinton and Obama administration official Larry Summers, Hedge Fund Manager Eddie Lampert, venture capitalist Stephen DeBerry and Mellody Hobson, President of Ariel Investments. The panel was moderated by Tom Stewart, Chief Knowledge Officer at Booz and Company. In this video, Eric Schmidt says that based on 28 years in management, he has learned that people always respond to financial incentives. The trick, however, is to correlate those incentives with the outcome you want.

If all of the spending cuts and revenue increases that make up the fiscal cliff go into effect, it would represent an estimated $720 billion in total austerity measures for 2013. Who is ready to stomach that?