Technical Progress and the Wealth of Nations

Technical progress - the systematic process of continuous learning in production, that characterizes industrial societies - represents the most powerful and revolutionary source of wealth that has so far become available to mankind. This is a source of wealth with characteristics far more favourable to the relations among individuals and among nations than the older forms of pursuing wealth through exploitation and trade. Technical progress is a complex process: it does not bring wealth in an automatic way. It does not come as a free gift. It has to be managed. It comes as an impetuous flow of possibilities which must continually be channelled in new directions.