Dominant Theme
“Economic growth occurs whenever people take resources and rearrange them in ways that are more valuable. A useful metaphor for production in an economy comes from the kitchen. To create valuable final products, we mix inexpensive ingredients together according to a recipe. The cooking one can do is limited by the supply of ingredients, and most cooking in the economy produces undesirable side effects. If economic growth could be achieved only by doing more and more of the same kind of cooking, we would eventually run out of raw materials and suffer from unacceptable levels of pollution and nuisance. History teaches us, however, that economic growth springs from better recipes, not just from more cooking. New recipes generally produce fewer unpleasant side effects and generate more economic value per unit of raw material.
Every generation has perceived the limits to growth that finite resources and undesirable side effects would pose if no new recipes or ideas were discovered. And every generation has underestimated the potential for finding new recipes and ideas. We consistently fail to grasp how many ideas remain to be discovered. Possibilities do not add up. They multiply.”
Read more about this topic: Paul Romer
Famous quotes containing the words dominant and/or theme:
“Don’t you realize that as long as you have to sit down to pee, you’ll never be a dominant force in the world? You’ll never be a convincing technocrat or middle manager. Because people will know. She’s in there sitting down.”
—Don Delillo (b. 1926)
“Children became an obsessive theme in Victorian culture at the same time that they were being exploited as never before. As the horrors of life multiplied for some children, the image of childhood was increasingly exalted. Children became the last symbols of purity in a world which was seen as increasingly ugly.”
—C. John Sommerville (20th century)