Quotation of the Day…
Posted By Don Boudreaux On July 12, 2011 @ 8:10 pm In Complexity & Emergence,Growth,History,Innovation | Comments Disabled
… is from the final sentence of Stanford University economist Gavin Wright [1]‘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 [2] [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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[1] Gavin Wright: http://www.stanford.edu/~write/
[2] Historical Perspectives on the American Economy: Selected Readings: http://www.amazon.com/Historical-Perspectives-American-Economy-Selected/dp/0521466482/ref=sr_1_1?s=books&ie=UTF8&qid=1310515848&sr=1-1
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