Former Indiana Governor and Current Purdue U. President,
Mitch Daniels, Appears to be Channeling Economic Growth Theorist Paul Romer in
his Graduation Address:
“What happened? Why
were all the sages and their sophisticated models so wildly wrong? Because they fell into the oldest of traps,
the fallacy of extrapolation. They failed to imagine that human ingenuity,
first and foremost scientific and technological ingenuity, creates enormous and
often sudden discontinuities that demolish the old forecasts and reset in
fundamental ways the path of mankind's progress. The steam engine, the
automobile, the Green Revolution, the silicon chip. … No matter how often
history repeats, the doomsayers never see the next one coming.”