One of the great things about the Internet is the power it has to move ideas around the world at tremendous speed.A speech given by a physicist in New Zealand might not have been reported on 20 years ago, let alone recorded.But thanks to the Internet and YouTube, it is possible to see Sir Paul Callaghan, a distinguished physicist from New Zealand, talk about “Sustainable Economic Growth for New Zealand: An optimistic Myth-Busting Approach”, and to ponder what it might mean for Bermuda.The clip can be found at http://www. youtube.com/watch?v=OhCAyIllnXY and is well worth watching.Sir Paul makes several key points that have universal importance, especially for small countries blessed with clean, green environments.One of Sir Paul’s main concerns is the low rate of economic growth that New Zealand has endured in recent years, and that country’s low productivity levels.One salient point he makes is that tourism, often seen as a panacea for Bermuda’s problems, does not produce high incomes or the high kind of productivity that an expensive and small economy like Bermuda or New Zealand needs.In New Zealand’s case, there are many people who would also like to exploit its natural resources, even at the expense of its natural environment, and even when the economic gains are likely to be short-lived.In Bermuda’s case, the beauty of the Island and the environment are one of the major reasons people like to visit and live and work here, so care needs to be taken to create the kind of Island our grandchildren will want to live in.To succeed and compete in the modern world, small countries need to recognise what they are good at and do that. If they can find niche markets that large economies ignore, then they can succeed.“If it sounds unfamiliar, it may stand a chance,” says Sir Paul, and he may be right.One of the world leaders in making Global Positioning System (GPS) equipment is based in New Zealand. Bermuda is the home of a leading world reinsurance market. Most people around the world have not heard of reinsurance, let alone captive insurance. Concentrating on what Bermuda does well is the way to do well.That does not mean it should not experiment, and should not look for other ways of diversifying the economy. But running with the pack is not the answer.Sir Paul suggests that New Zealand should be marketed as “the smart country, a place where talent wants to live”.For Bermuda, this may be controversial, given the Island’s high sensitivity to immigration issues.But this idea, of making the Island home to a few smart and well off individuals has much to recommend it. Indeed, it is not new. It was recommended in the Bermuda First report and occurs now.But it has not been an area of focus for the economy and need not be a major sector either. But if a few job creators established themselves in Bermuda, it would diversify the economy and bring the kind of highly productive jobs here that the Island needs.Although Bermuda does not have the extreme and spectacular beauty of New Zealand, it is less remote. It has good infrastructure, flexible regulation and an educated workforce, although there is room for improvement there.In any event, Sir Paul has thought carefully about the future of New Zealand. Bermuda needs to give the same careful thought to what kind of future we should have.