‘Ideas’ is the [Holy] Grail
“Though the flow of capital and labor play a role, it is the flow of ideas that is the main force for the reduction of income inequality, and for the convergence of incomes to a common, growing level.”
Robert E. Lucas Jr. (2009). “Trade and the Diffusion of the Industrial Revolution”. American Economic Journal: Macroeconomics, 1:1, 1-25.
In fact, Robert Lucas, in his paper acknowledges that ‘ideas’ on its own are not supposed to act the magic, needing the ability to use the knowledge and, of course, the spillover effect.
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