Alex Tabarrok Quotes
It would be really great if I discovered a cure for cancer, but it would only be a little bit less great if my neighbor did. So I am pretty happy when my neighbor becomes wealthier, better educated and more innovative. I feel the same about China and India.
Tabarrok, Alex. "How Ideas Trump Crises." TED, Feb. 2009.
This was an incredible prediction that few people thought was possible. This speech was given in the early days of WWII when it was far from clear that we would win.
Colman’s view that business failures contributing to society may be more important than the contributions of the wealthy and successful has been a common theme where failed business men make great politicians (Truman) or failed politicians are appreciated as great philosophers (Paine). This seems to be the first American argument that a failed economic enterprise can have a very beneficial short and/or long term effect on economic development. The failed business could start an entire industry which succeeds later when technology or capital becomes more readily available, or even if implemented by a better manager. Arguably, the California gold rush miners never made any significant money, but their presence changed the economic fact of California. The American airline industry has made little or no money in its history but has enabled development throughout the nation. And the dot com bubble may well have been an economic debacle of the end of the 20th century, but it spurred economic development that has benefited the entire globe.
Alexander Taghi Tabarrok is a Canadian-American economist. With Tyler Cowen, he co-authors the economics blog Marginal Revolution. Tabarrok and Cowen have also ventured into online education with Marginal Revolution University.