Kenneth Arrow: Science is not dogma. Science is a process of self-correction. But it’s important that people understand the current state of knowledge, as well as the way by which it’s been achieved.
That’s Kenneth Arrow, Nobel laureate in economics. He told EarthSky there’s an important relationship between scientific innovation and economic progress. He said that the way we view science today is built upon the past centuries of discovery and growth.
Kenneth Arrow: The role of science in developing technology, which in turn created economic progress, became more and more paramount.
He said this cycle of science, technology, and economics has created revolutions in standards of living. Today,
Kenneth Arrow: We more or less expect in an advanced economy that each year the same amount of effort can produce 2% more goods, roughly speaking.
Arrow said our future depends on continuing to build upon current scientific knowledge.
Kenneth Arrow: It is important to be informed. Both as a citizen and out of – what I consider even more basic – out of intellectual curiosity. We want to know more. That’s what man is about.
Kenneth Arrow serves on EarthSky’s Global Advisory Council.
Our thanks to:
Kenneth Arrow
Professor Emeritus of Economics
Stanford University
Palo Alto, CA
This will work in a capitalistic economy. As we move closer and closer to the collective economy, efficiencies will drop and GDP will drop.
Science laws never change wheather it is on Earth or the other side of the universe!
A.P. Garcia,
You are correct. Economic laws of supply and demand are as natural as those of gravity. They will not change no matter how much some might wish. When we move toward the collective, the laws are being ignored. Economic disaster awaits those who refurse to learn.
Pure science and economic systems are not political. Look back into human history to see the problems when folks tried to restrict either to any great extent. The state’s role is to inject a measure of prudence for the protection of it’s citizens. The church’s role is to instill values. With prudence and values as foundational, our science and economics will serve us well.
Dear Benjamin Napier, A.P. Garcia and Jeff,
Please forgive me for offering an another perspective.
Science is a gift to humankind from God, I believe; whereas, economy is a distinctly human-induced and -driven activity. To suggest that economics is science seems somehow not quite right.
Science has to do with the discovery of the workings of God’s Creation. Long before there was ever such a thing as economy, and perhaps long after there is such a thing as our current rendition of an “economic colossus”, there was, and likely will be, the Creation. Economy is an artifact of human activity. Human economies come and go. The Creation is distinctly different.
Sincerely,
Steve
Certainly true, money invested in old technology (oil/telephone) has held this nation back. Those folks interested in new technology transcends to new industries and this nation to become world leader once again. We just need to export more.