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Openness to Creative DestructionSustaining Innovative Dynamism$
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Arthur M., Jr. Diamond

Print publication date: 2019

Print ISBN-13: 9780190263669

Published to Oxford Scholarship Online: June 2019

DOI: 10.1093/oso/9780190263669.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 12 August 2020

The Benefits: New Goods

The Benefits: New Goods

(p.49) 4 The Benefits: New Goods
Openness to Creative Destruction

Arthur M. Diamond Jr.

Oxford University Press

The value of innovative new goods is hard to measure, but can be seen in how people vote with their feet to live where there are innovative new goods. Among the most important new goods are cures for diseases, electric light, cars, washing machines, air conditioning, television, and computers. Cures for disease are especially important because they are primary goods that are needed for pursuing almost any life plan. The grandson of John D. Rockefeller, the richest person ever to live, died of scarlet fever because medical invention and entrepreneurship had not yet created Prontosil. Washing machines reduce time spent in routine drudgery. Air conditioning aids health, and allows the mental sharpness needed for pursuing creative and challenging life plans. Cars increase safety and control of travel times and companions. Some goods, such as Ray Kurzweil’s optical character recognition (OCR) machine, enables the blind to read regular books.

Keywords:   primary goods, voting with feet, medical entrepreneurship, Prontosil benefits, electric light benefits, cars benefits, washing machine benefits, air conditioning benefits, television benefits, Kurzweil OCR benefits

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