Increasing productivity requires technological or process innovations - how to produce more of something with less/same effort 6/n
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Replying to @i_contemplate_
I'm abusing Peter Thiel's terminology here, but one can think of Technological/process innovations as '0 to 1' 7/n
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Replying to @i_contemplate_
And one can think of increasing size of markets, more labor, etc as '1 to n' processes that increase efficiencies and incentivize trade 8/n
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Replying to @i_contemplate_
'The Industrial Revolution' refers to period of technological AND process innovation that resulted in HUGE productivity increases 9/n
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Replying to @i_contemplate_
All subsequent economic growth by those on the frontier relied on continual innovation in technology and processes of production 10/n
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Replying to @i_contemplate_
1st time in human history, through ingenuity that created the technological/process breakthroughs, humans escaped the Malthusian Trap 11/n
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Replying to @i_contemplate_
This resulted in an explosive growth in human population as food production outpaced population by a lot! 12/n
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Replying to @i_contemplate_
And basically, we are still in an environment of increasing agricultural (and otherwise) productivity gains outpacing popn growth 13/n
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Replying to @i_contemplate_
Some libertarians think escape from Malthus is permanent, but considering this event is barely 250 yrs old, lets not be sanguine! 14/n
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Replying to @i_contemplate_
So, when a journalist/Davos personality shares some politically correct bromide and relates it to econ growth, ask yourself these qns 15/n
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1) Is the proposal relevant to technological and process innovation? 2) Has the proposal any support from economic history? 16/16
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