The Benefits: New Goods

Abstract

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.