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Quotation of the Day…

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… is from page 183 of Arthur Diamond, Jr.’s excellent 2019 book, Openness to Creative Destruction: Sustaining Innovative Dynamism [2] (footnote deleted):

Steve Wozniak was one of the best inventors of our time. But he candidly admitted that even the best cannot see out beyond two years. The problem is that innovators cannot fully predict which of their own current innovations will pan out, and they cannot predict what new innovations they will come up with in the future. And even less can they predict the new innovations of others.

What we do know is that in the past, open institutions and policies have resulted in wonderful new goods and services. Based on that, we can predict with a high degree of confidence that if open institutions and policies continue, we will continue to benefit from wonderful new goods and services.

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