“An invention like the steam engine or computer comes along and we reap economic benefits from it. Those benefits start small while the technology is immature and not widely used, grow to be quite big as the GPT improves and propagates, then taper off as the improvement—and especially the propagation—die down. When multiple GPTs appear at the same time, or in a steady sequence, we sustain high rates of growth over a long period. But if there’s a big gap between major innovations, economic growth will eventually peter out. We’ll call this the ‘innovation-as-fruit’ view of things, in honor of Tyler Cowen’s imagery of all the low-hanging fruit being picked. In this perspective, coming up with an innovation is like growing fruit, and exploiting an innovation is like eating the fruit over time.”
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“Therefore, do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.”
― The Defined King James Bible
― The Defined King James Bible
“For now we see through a glass, darkly; but then face to face: now I know in part; but then shall I know even as also I am known.”
― Bible
― Bible
“Hemingway’s quote about how a man goes broke: “Gradually and then suddenly.”5”
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“Martin Weitzman puts it, “the long-term growth of an advanced economy is dominated by the behavior of technical progress.”12”
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