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
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.
Interpretation
What this quote means
Governments must protect shared values and resources to uphold democracy and prevent societal collapse.
The quote by Paul Romer emphasizes the crucial role of government in safeguarding collective resources and societal norms. When individuals exploit shared resources without regard for the community, it can lead to a 'tragedy of the commons', resulting in negative consequences for democracy and society as a whole. Therefore, governmental intervention is necessary to maintain the balance and ensure the well-being of all.
Themes
GovernmentCommonsDemocracyValuesSociety
In practice
Example use cases
In a discussion about environmental policy at a town hall meeting.
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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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
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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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