Become rich Quote by Martin Wolf
““A country with secure property rights, scientific inquiry and technological innovation will become richer. But, since division of labour is limited by the size of the market, it will also benefit from trade, not just in goods and services, but in ideas, capital and people. The smaller a country is, the greater the benefits. Trade is far cheaper than empire, just as internal development is a less costly route to prosperity than plunder. This was the heart of Angell's argument.””
About This Quote
Secure property rights, scientific freedom, and tech innovation drive wealth; trade amplifies these benefits, especially for smaller nations, offering a cheaper path to prosperity than conquest.
In simple terms: Trade multiplies innovation and wealth.
Key Takeaway
Innovation + trade = prosperity
Themes
Economic growth
Trade benefits
Innovation
Property rights
Market size
Mood
Optimistic
Analytical
Type
Analytical
Economic
When to use this quote
- Policymakers shaping trade policy
- Economists analyzing development
- Business leaders expanding markets
- Small nations seeking growth
- Investors allocating capital
Key Concepts
Property rights
Scientific inquiry
Technological innovation
Trade
Practical Applications
- Formulating trade agreements
- Designing innovation incentives
Questions to Reflect On
- How does trade complement domestic innovation?
- What policies protect property rights while encouraging exchange?
