The long-awaited Oxford Encyclopedia of Economic History, edited by Joel Mokyr, is finally out (and only $695 for all five volumes!). The entry on religion cites studies that "attribute 90 percent of income growth in England and the United States after 1780 to technological innovation, not mere capital accumulation." I've long been skeptical about the doomsters who say that America's low savings rate is a huge liability, compared to the high savings rate in countries like Japan. Sure, some savings is important, but I think it's more important to create wealth than to hoard capital. My hunch is that America is set apart from many other nations by the premium its citizens place on innovation, change, and sheer speed. I used to read a magazine called Fast Company. Fast Country, anyone?
Peter Saint-Andre > Journal