America's exceptional growth came from getting two complementary institutional systems right simultaneously—the institutions of learning and discovery (universal education, universities, research) AND the institutions of the market (property rights, free entry, competition)—and it is the interaction of the two, not either alone, that has been so powerful; many nations pushed science institutions without fully adopting market institutions.
causalpending
Speaker
Paul RomerEvidence Quote
“The interaction between those two systems, so the institutions of the market and probably speaking the institutions of science, we got both of those right. And it's the combination of those two which has been so powerful”
Created: 6/16/2026, 2:38:24 PM
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