Economic progress means the discovery and application of…
“Economic progress means the discovery and application of better ways of doing things to satisfy our wants. The piping of water to a household that previously dragged it from a well, the growing of two blades of grass where one grew before, the development of a power loom that enables one man to weave ten times as much as he could before, the use of steam power and electric power instead of horse or human power - all these things clearly represent economic progress.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Economic progress is measured by innovations that make production and consumption more efficient, improving living standards.
In simple terms: New tools make life easier and better.
Key Takeaway
Embrace and spread useful innovations.
Themes
innovation
efficiency
development
technology
well‑being
Mood
optimistic
analytical
Type
economic
educational
When to use this quote
- urban planning
- business strategy
- public policy
- education reform
- infrastructure projects
Key Concepts
productivity
creative destruction
technological diffusion
Questions to Reflect On
- How can societies ensure new technologies benefit everyone?
- What barriers prevent adoption of efficient methods?
A Different Perspective
Progress can widen inequality if benefits are not broadly shared.