INVENTION is the Determining Factor for Economic Growth.

Creating things i.e., inventing is the only way for humans to increase their standard of living, why has the economics profession almost completely ignored it? In this video I will discuss some of the rare economist that have investigated invention.

Economist William Brian Arthur in his book, The Nature of Technology: What It Is and How It Evolves, points out that technology defines our standard of living.

Plagiarism results in wasted resources. This is one of the reasons for the patent system. We do not want people to plagiarize, but invent around a patent, which creates a diversity of inventions.

INVENTING is the only way to increase our level of TECHNOLOGY
Raising our level of TECHNOLOGY is the only way to increase our PER CAPITA INCOME
INVENTING is the only way to increase our PER CAPITA INCOME

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