※ 발췌 (excerpt):
The basic approach used in modern economics to study long-term growth has been based on the "tools and people" model, with extensive mathematical elaboration. A side trends to discuss the importance of property rights and enforcement of contract has recently developed. In the last two decades, though, a new way of looking at long run growth has been presented under the title of "the New Growth Theory."
Suppose that you have a dollar, and I have a dollar. If I give you my dollar, and you give me your dollar, then we each have a dollar again. But suppose that I have an idea, and you have an idea, and then we swap. Afterwards, we each have two ideas.
This insight is crucial to the long-term outlook. The New Growth Theory emphasizes the importanc eof ideas. Ideas include scientific knowledge of all kinds. Ideas include engineering knowledge, such as described by patents. Ideas also include craftsmanship of a wide variety. When a mechanic knows just how much force to apply to a bolt to tighten it, without overtightening it, he is applying an idea.
Ideas are at least as important as the equipment and buildings used by businesses. And ideas have a really cool trait: multiple people can use them at one time. That's not generally true of other stuff. A cash register can only be used by one cashier at a time. To have two cashiers working, the store needs two cash registers. But once someone has the idea to display ^People^ magazine next to the cash register, that idea can be replicated endlessly.
This insight into idea has stunning implications for growth. It means that so long as the ideas flow, growth will continue. In the modern US, we are open to international visits and commerce. Our companies invest overseas, and foreign companies invest in the US. ( ... ... )