Acton Institute Powerblog

The idea equation for economic growth

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The key to creating economic flourishing is economic growth and the key to creating long-term economic growth is to create new ideas. But what is the key to creating ideas that lead to innovation?

Economist Alex Tabarrok says the idea equation goes like this: Ideas = Population x Incentives x Ideas/per hour

This equation is a useful way to lay out the factors affecting idea production, says Tabarrok in the video below. When we understand the factors behind production, then we can better predict how the future will go.

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Joe Carter Joe Carter is a Senior Editor at the Acton Institute. Joe also serves as an editor at the The Gospel Coalition, a communications specialist for the Ethics and Religious Liberty Commission of the Southern Baptist Convention, and as an adjunct professor of journalism at Patrick Henry College. He is the editor of the NIV Lifehacks Bible and co-author of How to Argue like Jesus: Learning Persuasion from History's Greatest Communicator (Crossway).

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