Quotation of the Day…

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… is from pages 437-438 of Julian Simon’s brilliant 1996 magnum opus, The Ultimate Resource 2:

Still – there is our (probably) natural aversion to risk and uncertainty. Even so, we should keep in mind that risk and uncertainty are not all in one direction, and that the major social and cultural changes that would be needed to prevent growth are also fraught with uncertainty, and possible catastrophe. For example, what would be the social and political implications of freezing the present pattern of income distribution among the poor and the rich due to reduced economic growth? What would be the effects on work incentive if people were told that they could not increase their incomes or have more children? What would be the psychological implications of a stationary economy and society? And which legal sanctions would be imposed to enforce these decisions?

DBx: Julian Simon (1932-1998) died suddenly on this date, February 8th, in 1998. He died four days shy of his 66th birthday. He is still very much missed.