Bill Clinton’s Brief Presentation on Schumpeter

(p. 173) We read all the books, but each week a student would lead off the discussion with a ten-minute pesentation about the book of the week. You could do what you wanted with the ten minutes–summarize the book, talk about its central idea, or discuss an aspect of particular interest–but you had to do it in these ten minutes. Sharabi believed that if you couldn’t, you didn’t understand the book, and he strictly enforced the limit. He did make one exception, for a philosophy major, the first person I ever heard use the word “ontological”–for all I knew, it was a medical specialty. He ran on well past the ten-minute limit, and when he finally ran out of gas, Sharabi stared at him with his big, expressive eyes and said, “If I had a gun, I would shoot you.” Ouch. I made my presentation on Joseph Schumpeter’s Capitalism, Socialism, and Democracy. I’m not sure how good it was, but I used simple words and, believe it or not, finished in just over nine minutes.

Bill Clinton. My Life. Random House Large Print Edition, 2004.

No Known Upper Bound for Economic Growth

Given the limited state of our knowledge of the process of technological change, we have no way to estimate what the upper bound on the feasible rate of growth for an economy might be. If economists had tried to make a judgment at the end of the 19th century, they would have been correct to argue that there was no historical precedent that could justify the possibility of an increase in the trend rate of growth of income per capita to 1.8% per year. Yet this increase is what we achieved in the 20th century. (p. 226)

Romer, Paul M. “Should the Government Subsidize Supply or Demand in the Market for Scientists and Engineers?” In Innovation Policy and the Economy, vol. 1, Cambridge, MA: MIT Press, 2001, pp. 221-252.