Computers Quote by Anonymous
““An invention like the steam engine or computer comes along and we reap economic benefits from it. Those benefits start small while the technology is immature and not widely used, grow to be quite big as the GPT improves and propagates, then taper off as the improvement—and especially the propagation—die down. When multiple GPTs appear at the same time, or in a steady sequence, we sustain high rates of growth over a long period. But if there’s a big gap between major innovations, economic growth will eventually peter out. We’ll call this the ‘innovation-as-fruit’ view of things, in honor of Tyler Cowen’s imagery of all the low-hanging fruit being picked. In this perspective, coming up with an innovation is like growing fruit, and exploiting an innovation is like eating the fruit over time.””
About This Quote
Economic growth follows a pattern where early adoption of a new technology yields modest gains, which expand as the technology matures and spreads, then level off; continuous innovation sustains growth.
In simple terms: New tech gives small gains, then big, then slows; constant innovation keeps growth.
Key Takeaway
Foster steady innovation to avoid growth slowdown.
Themes
innovation
economic growth
technology diffusion
productivity
growth cycles
Mood
optimistic
analytical
Type
economic
strategic
When to use this quote
- business strategy
- policy planning
- investment decisions
- R&D prioritization
Key Concepts
S-curve
diffusion of innovations
creative destruction
network effects
Questions to Reflect On
- How can societies accelerate the diffusion of new technologies?
- What policies best sustain continuous innovation?
A Different Perspective
If a breakthrough fails to diffuse widely, expected growth may not materialize.
