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PREFACE
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This book tells the story of a single technical paper in economics
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1990
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economic growth: what it is, what makes it happen, how we share it, how we measure it, what it costs us, and why it is worth having.
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an illustration of how mathematics became the working language of modern economics,
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The new growth story shows how economic discovery occurs—in intense intellectual competition among small groups of researchers working in rival universities.
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INTRODUCTION
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Give a man a fish, and you feed him for a day. Teach a man how to fish, and you feed him for a lifetime.
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invent a better method of fishing, or of farming fish, selling fish, changing fish (through genetic engineering), or preventing overfishing in the sea, and you feed a great many people, because these methods can be copied virtually without cost and spread around the world.
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New ideas, more than savings or investment or even education,
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Yet it was not until October 1990 when a thirty-six-year-old University of Chicago economist named Paul Romer published a mathematical model
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“Endogenous Technological Change.”
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“A Contribution to the Theory of Economic Growth,” published in 1956 by Robert Solow.
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it is a nonrival, partially excludable good….”
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“public” goods, supplied by governments, and “private” goods, supplied by market
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A designer dress. The operating system software in a personal computer. A jazz concert. A Beatles recording.
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All these are nonrival goods because they can be copied or shared and used by many people at the same time.
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Rival goods are objects and nonrival goods are ideas—“atoms” and “bits,”
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“convexities” and “nonconvexities,” in the more austere language of mathematics.
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the source of “market failure”
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marrying nonrivalry to the concept of excludability,
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tension between creating incentives for the production of new ideas and maintaining incentives for the efficient distribution and use of existing knowledge
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say something practical and new about how to encourage economic development in places where it had failed to occur.
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That there might exist a “right answer” to the riddle of economic growth,

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IN MOLTI DUBITAVANO

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a secure role finally was assigned to that long-neglected figure (at least in economics classrooms), the enterpreneur.
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land, labor, and capital.
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These categories had been worked out during the seventeenth century,
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some circumstances in the human condition were simply taken for granted. The extent of knowledge was one.
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Human nature itself, expressed as tastes and preferences,
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determined by noneconomic forces
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treated as being exogenous
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“increasing returns” to scale.
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Decreasing returns to additional investment
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increasing returns were present any time there was little or no additional cost to adding a customer to a network—railroads, electricity, telephones, for example.
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such businesses soon were declared to be not just monopolies but “natural monopolies,”
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Monopolies were understood to be exceptions to the rule.
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special cases of “market failure,”
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They set out to make formal models of the phenomena that led to increasing returns.
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Robert Solow born in 1924, Robert Lucas born in 1937, and Paul Romer born in 1955.
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the traditional “factors of production” were redefined.
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This most elementary classification was supplanted by people, ideas, and things.
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the economics of knowledge was recognized as differing in crucial respects (nonrival, partially excludable goods!)
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The familiar principle of scarcity had been augmented by the important principle of abundance.
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Technical change and the growth of knowledge had become endogenous
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CHAPTER ONE The Discipline
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On the first weekend after New Year’s Day, economists who are members of the AEA and various hangers-on gather in a big hotel
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a sharp distinction between academic economists and markets men
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So significant a figure as Paul Volcker disparaged economic book-learning, even though (or perhaps because) he received a master’s degree at Harvard in the early 1950s.
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His successor, Alan Greenspan, completed his New York University Ph.D., but only twenty-seven years after leaving school,

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overwhelming majority of participants in markets—executives, money managers, traders, accountants, lawyers, practitioners of all sorts—are not economists at all.
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economics is a science practiced and overseen by a professoriate, like astronomy, chemistry, physics, and molecular biology.
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Why does America dominate? Because it is by far the world’s broadest, deepest market for what economics has to offer
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There is Arnold Harberger, whose marriage to a Chilean woman foreshadowed the establishment of a strong and durable connection between Chilean technocrats and the University of Chicago,
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