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Economies prosper when innovative thinkers are able to put their ideas to work, creating new advancements in technology and productivity, making it cheaper and easier to create and sell products that we need and want.
It's worthwhile to step back and consider how most people have lived throughout human history. For most of civilization, man had to attempt to secure food for himself and his family, build a shelter, and create clothes. How have we moved so far beyond that now? It's because some bright people figured out better ways to produce things so that we could all start specializing in the duties for which we are best suited. We don't need to grow our own food, because now a few farmers and agriculture companies produce enough to feed everyone at a relatively low cost. That allows the rest of us to spend out times on other activities.
The technological developments that we've witnessed in just this passed generation are the perfect example of what makes an economy prosper: Today it's easier to communicate, work, produce and trade goods with people around the world than at any other time in human history.
Policymakers and the public need to think about how to we create an environment that maximizes the likelihood that someone will develop and bring to fruition the next round of life changing innovations.
Independent Women's Forum director and Goldwater Institute senior fellow, Carrie Lukas
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