Ideas Propel Growth

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Economic growth is fundamentally driven by the generation and dissemination of ideas. While increasing population can lead to challenges such as diminishing returns and resource scarcity, the crucial factor that distinguishes today's economy from that of 200 years ago is the knowledge that enables more productive practices. The ability of a single farmer to feed many exemplifies how innovation and understanding have enhanced productivity, leading to overall wealth creation in society.

Bryan Caplan of George Mason University and EconLog talks with EconTalk host Russ Roberts about the ideas in Caplan's new book, Selfish Reasons to Have More Kids. Caplan argues that parents spend too much time trying to influence how their kids will turn out as adults. Using research on twins and adopted children, Caplan argues that nature dominates nurture and that parents have little lasting influence on many aspects of their children's lives. He concludes that parents should spend less time and energy trying to influence their children. If parenting takes less time, then have more kids, says Caplan. The conversation concludes with a discussion of whether a larger population is bad for the planet.