Economist Alex Tabarrok Explains How New Ideas can Feed the World
According to economist Alex Tabarrok, new ideas will feed the world through globalization. At a TED event, Tabarrok explains how a global market can increase the incentive to produce new ideas, which in turn will drive growth and prosperity.
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“One idea, one world, one market.”
Free trade and globalization are definitely not new discussion topics. They are, however, ways in which we can turn the world into a prosperous community. At a TED event, economist Alex Tabarrok assures the audience that the “best is yet to come” through idea-sharing and globalization. Tabarrok is the co-author of the hit economic blog, MarginalRevolution.com, as well as the Director of Research for the Independent Institute. Tabarrok’s interest in economics, law, and public policy, has helped him brainstorm ways in which we can feed the world with new ideas.
The equation is relatively straightforward: new ideas drive growth. While an apple can feed one person, an idea can feed millions. In order to produce new ideas, people need to increase the incentive to create these designs. Tabarrok asks, how do we maximize the incentives? The answer is globalization; larger markets generate larger profits.
Tabarrok believes that ideas are meant to be shared. As more countries became wealthier due to globalization, it would allow for more idea creators, such as scientists and engineers. For far too long the United States has been the leader of ideas; if more people worldwide had the ability to generate new ideas, we could increase the number of idea creators and ideas could be shared by everyone.
The world must become more globalized in order to generate and share ideas. Through free trade and a global market, the world could become healthier and more prosperous than anyone could have imagined.
More Info:
- http://www.ted.com/talks/alex_tabarrok_foresees_economic_growth.html
- http://www.marginalrevolution.com
