A Quote by Paul Romer
The economy is this huge innovation discovery machine. What the government can do usefully is to focus some of that effort where things turn out better for everyone.
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A very complicated mass of things influences the economy - the speculative effect, government policy, consumer borrowing and spending, the level of technical innovation (which I concede, although everyone emphasizes it too much), and much more - including, of course, the rate of inflation.
I always show up to work and give it everything, and some things turn out better than others - and some things you can expect that it will come out better than others.
The paramount doctrine of the economic and technological euphoria of recent decades has been that everything depends on innovation. It was understood as desirable, and even necessary, that we should go on and on from one technological innovation to the next, which would cause the economy to "grow" and make everything better and better. This of course implied at every point a hatred of the past, of all things inherited and free. All things superceded in our progress of innovations, whatever their value might have been, were discounted as of no value at all.
For better or worse, that is true with any new innovation, certainly any new technological innovation. There's many good things that come out of it, but also some bad things. All you can do is try to maximize the good stuff and minimize the bad stuff.
There's a huge misconception that innovation is mostly about inventing or coming up with cool new things. More often than not, innovation is about figuring out what people really need or want but can't have or afford.
Very often, people will come out and say, 'Greeks aren't doing things, Greeks aren't making changes, there's no reform,' That is hogwash. We have made a huge effort. The Greek people have made a huge effort.
We should reduce total government spending as a percentage of the economy. The left wants to focus on the deficit so they can take us away from the focus on spending as a percentage of the economy.
You can't abuse your body and you need to work hard on your weaknesses. Everyone likes to focus on the things they are good at. But when you focus on the things you are weak at, it makes you a much better athlete.
No writing effort is ever wasted. At the very least, it's practice, and a writer never knows when he or she might usefully cannibalize an earlier effort for something new.
Not all research is going to be turned into some new innovation, but there are some things that can be and that haven't been, and I think the federal government has a proper role to play in doing that.
There is a huge need and a huge opportunity to get everyone in the world connected, to give everyone a voice and to help transform society for the future. The scale of the technology and infrastructure that must be built is unprecedented, and we believe this is the most important problem we can focus on.
Today, you get better performance from a Ford Focus than a Ferrari from the mid-70s. [The Focus] is just as fast and with better fuel economy. It's fun to see supercar technology trickle down to everyday cars.
The school system has become a part of this huge government machine, governed by people who aren't close to the situation. That's why I'm a Republican. I believe in small government.
At times, in medicine, you feel you are inside a colossal and impossibly complex machine whose gears will turn for you only according to their own arbitrary rhythm. The notion that human caring, the effort to do better for people, might make a difference can seem hopelessly naive. But it isn't.
It is this ideal of progress through cumulative effort rather than through genius—progress by organised effort, progress which does not wait for some brilliant stroke, some lucky discovery, or the advent of some superman, has been the chief gift of science to social philosophy.
The values that we share - freedom of speech, freedom of religious practice, freedom for civil society, free and fair elections, all the innovation that's been created through a market-based economy - those things are ultimately going to be the path for us to continue into a better future. I hope that, despite some of the challenges we have, that people appreciate that.
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