Quotation of the Day…

by Don Boudreaux on July 12, 2011

in Complexity & Emergence, Growth, History, Innovation

… is from the final sentence of Stanford University economist Gavin Wright‘s September 1990 American Economic Review article “The Origins of American Industrial Success, 1879-1940″ (reprinted as Chapter 13 in Robert Whaples and Dianne C. Betts, eds., Historical Perspectives on the American Economy: Selected Readings [Cambridge: Cambridge University Press, 1995], pp. 455-479; the following quotation is on page 476 of the Whaples-Betts reader):

[H]istorical resource abundance was itself largely an outgrowth of American industrial success.

Note carefully the direction of causality.  Julian Simon, I fancy, nods approvingly.

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