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Agricultural Abundance: An American Innovation Story

Agricultural Abundance: An American Innovation Story

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Source: National Chamber Foundation http://forum.uschamber.com/library/2012/12/agricultural-abundance-american-innovation-story
Source: National Chamber Foundation http://forum.uschamber.com/library/2012/12/agricultural-abundance-american-innovation-story

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Categories:Types, Research
Published by: American Enterprise Institute on Jan 02, 2013
Copyright:Attribution Non-commercial

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06/04/2015

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AgriculturAl AbundAnce
An American Innovation Story
By Nick Schulz
 
Page 2
 
n Sz
DeWitt Wallace Fellow, American Enterprise Institute;Editor-in-Chief, The American
Nick Schulz is the DeWitt Wallace Fellow at the AmericanEnterprise Institute (AEI) where he researches issues o political economy and technology. He is editor-in-chie o 
Te American
, AEI’s inuential online journal o ideasocusing on business, economics, and public aairs, aswell as a National Chamber Foundation (NCF) Scholar.Schulz is also a columnist or Forbes.com. Tere he writes the Economics 2.0eature in which he examines technology-led economic growth, politics, andpublic policy.Schulz is the co-author with Arnold Kling o 
From Poverty to Prosperity:Intangible Assets
, Hidden Liabilities and the Lasting riumph Over Scarcity (Encounter Books, 2009), an acclaimed book on modern economic growth anddevelopment. He is requently invited to discuss the research and ndings in thebook at various events in the United States and abroad.During the mid-2000s, Schulz was the editorial director o 
echCentralStation
,a pathbreaking online think tank and magazine. Prior to that role, he was thepolitics editor o Fox News online in New York where he coordinated coverageo the 2000 election, post-election deadlock, and September 11 attacks. He wasalso the politics and opinions editor or Voter.com, a start-up political websiteand portal.In addition to his work in online media, Schulz was an award-winning televisionproducer with multiple credits on PBS and elsewhere. He also produced or co-produced several documentaries, including Te Stockholder Society, Te FirstMeasured Century, and
Déjà vu All Over Again: Te Lie o Yogi Berra
.In the 1990s, Schulz served as a policy analyst and aide to ormer vice presidentialcandidate Jack Kemp and ormer Secretary o Education William J. Bennett.He was also a consultant to Platinum echnology, a major relational databasemanagement rm, and a consultant at the Soware Publishers Association.Schulz has been a media ellow at the Hoover Institution at Stanord University and is on the board o advisors o the Ewing Marion Kauman Foundationssurvey o economics bloggers. Schulz continues to publish widely in many majornewspapers and magazines around the country, including Te Washington Post,Te Wall Street Journal, the Los Angeles imes, USA oday, and Slate. He andhis wie and three children live in suburban Washington, D.C.
Te views expressed herein are those o the author and do not necessarily state or reect those o the National Chamber Foundation, U.S. Chamber o Commerce,or its aliates.
 
AgriculturAl AbundAnce:
An American Innovation Story
Page 1
“ Population, when unchecked, increases in a geometrical ratio. Subsistence, increases only in an arithmetical ratio. … Man cannot live in the midst o plenty.” 
 — 
Thomas Malthus, An Essay on the Principle of Population 
“ How can the persuasive common sense embodied in the Malthusian theory be wrong? To be sure, in the short run an additional person … inevitably means a lower standard o living or everyone; every parent knows that. More consumers mean less o the fxed available stock o goods to be divided among more people. And a larger number o workers laboring with the same fxed current stock o capital implies that there will be less output per worker. The latter eect, known as ‘the law o diminishing returns,’ is the essence o Malthus’ theory as he frst set it out. But i the resources with which people work are not fxed over the period being analyzed, then the Malthusian logic o diminishing returns does not apply. And the plain act is that, given some time to adjust to shortages, the resource base does not remain fxed. People create more resources o all kinds.” 
 — 
Julian Simon 
At the time o this writing, in autumn 2012, many Americans are expressing pessimism about thenations uture economic prospects. Te unemployment rate has remained stubbornly elevated.Economic growth rates have not bounced back as quickly as Americans would like given theseverity o the Great Recession.Its not just ordinary Americans who are pessimistic about the present economy and its prospectsor the near uture. Several academics and intellectuals have argued that the United States aceschallenging and perhaps insurmountable headwinds.For example, economist yler Cowen o George Mason University has argued that the UnitedStates is undergoing a “Great Stagnation.”
3
Te entrepreneur and investor Peter Tiel claims thatwe are witnessing “Te End o the Future.”
4
Economist Robert Gordon has published a widely discussed paper asking, “Is U.S. Economic Growth Over?” He suggested that the answer is yes.
5
 
1 Malthus, Tomas.
 An Essay on the Principle o Population
(Canada: McMaster University, 1798) <http://www.marx-ists.org/reerence/subject/economics/malthus/ch02.htm>2 Simon, Julian and Norman Myers.
Scarcity or Abundance? A Debate on the Environment 
(W.W. Norton & Co., Inc.,1994). <http://www.juliansimon.org/writings/Norton/NORON09.txt>3 Cowen, yler.
Te Great Stagnation: How America Ate All Te Low-Hanging Fruit o Modern History, Got Sick, and Will (Eventually) Feel Better 
(New York: Penguin, 2011).4 Tiel, Peter. “Te End o the Future.
National Review Online
(2011).<http://www.nationalreview.com/articles/278758/end-uture-peter-thiel>5 Gordon Robert J. “Is U.S Economic Growth Over? Faltering Innovation Conronts the Six Headwinds.
National Bureau o Economic Research
(2012).<http://www.nber.org/papers/w18315>

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