The reason for Prosperity

'In Europe, the leaders in developing medieval technology were not philosophers, but craftsmen, merchants, and businessmen -- in a word, entrepreneurs. There were profits to be derived from the new technologies. A water-powered mill required a considerable capital investment, but the investment was likely to return a significant profit. Inventive, free people looked for ways to improve their productivity. Individuals profited, and society prospered...

Thus the world was transformed -- not by philosophers, scientists, or politicians, but by engineers, craftsmen, and entrepreneurs. Writing in 1768, Joseph Priestley predicted that "whatever was the beginning of this world, the end will be glorious and paradisaical, beyond what our imaginations can now conceive." Thanks to European inventors, Priestley's prediction was fulfilled.'

- David Deming, 'How Europeans Invented the Modern World'.


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