Reading between the lines

… on another incoherent Breakthrough editorial:

The Creative Destruction of Climate Economics

In the 70 years that have passed since Joseph Schumpeter coined the term “creative destruction,” economists have struggled awkwardly with how to think about growth and innovation. Born of the low-growth agricultural economies of 18th Century Europe, the dismal science to this day remains focused on the question of how to most efficiently distribute scarce resources, not on how to create new ones — this despite two centuries of rapid economic growth driven by disruptive technologies, from the steam engine to electricity to the Internet.

Perhaps the authors should consult the two million references on Google scholar to endogenous growth and endogenous technology, or read some Marx. Continue reading “Reading between the lines”