Abundance and its Sources–Poverty and its Causes
" does not get started with economic thinking; gets started with developments of a creative sort—innovation of products."—Andrew J. Galambos SYNOPSIS The abundance of material necessities and comforts which most Americans take for granted is not a universal condition in America, much less in the whole of human society. Abundance is a triumph over the poverty that has existed in all times and places in human history. Where abundance exists, its primary source is knowledge. Where poverty exists, its primary cause is lack of knowledge. In addition to knowledge, abundance derives from saving and the accumulation of capital, peace, freedom, property, work, the profit motive, and the activity of innovators, entrepreneurs and investors. In addition to lack of knowledge, poverty derives from attacks on saving, accumulated capital and production, war, attacks on property, unemployment caused by interference with the market for labor, thwarting the profit motive, and attacks on innovators,