New Macroeconomic Growth Theory?

In summary, the conversation discusses the idea that creating more words in a language can lead to advancements in knowledge and intellectual capabilities. It also raises questions about the relationship between new words and inventions and whether government subsidies for creating new words would be beneficial. However, the thread ultimately dismisses the idea as silly and not worth further discussion.
  • #1
Dbouchard92
I recently came up with a theory that was the product of a 2 hour long thought experiment. Its more of a correlary than a theory I suppose. Please share input but approach it with an open mind and don't form an opinion without giving it a chance. Here it goes. According to Carl H. Flygt, "the thesis of linguistic determinism is the idea that nothing is available to human consciousness outside its capacity to apply words to it."(Flygt 1). Assuming this is true, isn't it quite possible that to advance the intellectual capabilities of a single society(a society that speaks only one language), that a possible way to achieve this goal is by simply creating more words in the language. Creating more words will allow people of this hypothetical society to escape the limits of human consciousness proposed by the thesis of linguistic determinism, therefore increasing the likelyhood of discoveries and the like.
 
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  • #2
First, this is not a theory. This is an hypothesis.

Second, there is correlation with new knowledge (e.g. invention) and new words. For example, new words like transistor, chip, operating system, and similar are related to the invention of the computer system. Also, the same applies for new words for the internet, website, and similar. Thus, basically the question becomes what came first the new words or the invention? the answer is the invention of course.
 
  • #3
For an economist, the question becomes Do technological changes lead to increases in productivity?. For example, Do the education in a developed country means that a laborer is able to contribute more to the production in comparison to a laborer in a developing country?. This is the way that economists think of education, and technology in economic growth.
 
  • #4
As a response to Pyrrhus: I have a follow up question to your response. I have studied economics and therefore think like an economist. In order to speed the economy wide growth process in the United States, would it be to our advantage for government to subsidize the creation of a job that assigns words to concepts and objects which don't already have words in the English language? Could it be possible that funding this new "area of study"(the study of creating more words for the purpose of further understanding concepts in the Universe) in colleges across the U.S. could be beneficial in the long run?
 
  • #5
Dbouchard92 said:
would it be to our advantage for government to subsidize the creation of a job that assigns words to concepts and objects which don't already have words in the English language?

No. Just no.
 
  • #6
micromass said:
No. Just no.

If you're going to draw the conclusion that my proposition is wrong, at least have the courtesy to defend it and help me understand your reasoning.
 
  • #7
No. This thread is too silly.
 

1. What is New Macroeconomic Growth Theory?

New Macroeconomic Growth Theory is an economic theory that attempts to explain why some countries experience sustained economic growth while others do not. It focuses on the role of technology and innovation in driving economic growth, rather than traditional factors like labor and capital.

2. How does New Macroeconomic Growth Theory differ from traditional growth theory?

New Macroeconomic Growth Theory differs from traditional growth theory in several ways. It places a greater emphasis on the role of technology and innovation in driving economic growth, rather than just the accumulation of capital and labor. It also takes into account the importance of institutions, human capital, and knowledge spillovers in promoting growth.

3. What are the key assumptions of New Macroeconomic Growth Theory?

The key assumptions of New Macroeconomic Growth Theory include the following:

  • Technological progress is the main driver of economic growth.
  • Technology is not exogenous, but can be influenced by government policies and institutions.
  • There are diminishing returns to capital and labor, but not to knowledge and technology.
  • Knowledge and technology can be shared and spillover across countries.

4. How does New Macroeconomic Growth Theory explain income inequality?

New Macroeconomic Growth Theory suggests that income inequality is driven by differences in countries' ability to adopt and utilize new technologies. Countries with better institutions and policies that promote innovation and education tend to experience more economic growth and lower income inequality. On the other hand, countries with weaker institutions and policies may struggle to keep up with technological advancements, leading to slower growth and higher income inequality.

5. What are some criticisms of New Macroeconomic Growth Theory?

Some criticisms of New Macroeconomic Growth Theory include the following:

  • It may oversimplify the complex process of economic growth and overlook important factors.
  • It may not fully account for the role of natural resources and geographical location in economic growth.
  • It may not be applicable to all types of economies, particularly those with low levels of human capital and weak institutions.

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