People are reasonably good at estimating how things add up, but for compounding, which involved repeated multiplication, we fail to appreciate how quickly things grow.
Paul RomerRead
Human material existence is limited by ideas, not stuff, people don't need copper wires they need ways to communicate, oil was a contaminant, then it became a fuel
Interpretation
What this quote means
This quote emphasizes that human existence and progress are shaped by ideas and communication rather than physical resources.
Paul Romer's quote highlights the importance of ideas and communication in human existence, arguing that our limitations are not based on material resources but rather on the concepts we develop. He points out that society's view of materials like oil has changed from being a contaminant to a valuable resource for fuel, illustrating how our understanding and use of resources are dictated by innovation and communication rather than by mere availability.
Themes
IdeasCommunicationResourcesInnovationHuman Existence
In practice
Example use cases
In a presentation about the future of technology, one might say, 'As Paul Romer stated, human material existence is limited by ideas, not stuff.'
More from Paul Romer
All quotes βWhen somebody discovers something like the quadratic formula or the Pythagorean theorem, the convention in science is that he can't control that idea. He has to give it away. He publishes it. What's rewarded in science is dissemination of ideas.
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An economy can survive with 10% of the population insolation. It can't survive when 50% of the population is in isolation.
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One of the most powerful insights in economics is this idea of a division of labor. You do the thing you're good at. Other people do something else that they're good at. The net effect is better for everybody.
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It is the job of government to prevent a tragedy of the commons. That includes the commons of shared values and norms on which democracy depends.
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In the developing world, most people don't yet live in big well-run cities. Given the chance to move to one, hundreds of millions of people would go there to get a job, get an education for their children, and live in a place that is clean, safe, and healthy.
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