Tuesday, July 10, 2007

Knowledge and the Wealth of Nations
David Warsh

In October 1990, Paul Romer, a 36-year-old University of Chicago economist, published a 32-page article, ‘Endogenous technological change’ in the Journal of Political Economy. Now, here is a whole book about that paper: Knowledge and the Wealth of Nations by David Warsh ( http://www.landmarkonthenet.com/ ).

The first paragraph of Romer’s paper had this sentence: “The distinguishing feature of… technology as an input is that it is neither a conventional good nor a public good; it is a non-rival, partially excludable good…” A sentence that initiated a far-reaching conceptual rearrangement in economics, writes Warsh.

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