Innovation and growth saves lives; take Uber, for example
Hundreds of thousands of years ago, when humans used stone tools in their daily lives, it would have been virtually impossible to imagine a more sophisticated way of life. Yet with innovation has come tremendous change, and with it, growth.
From the Bronze Age to the Industrial Revolution and, more recently, the Digital Revolution, humans have ingeniously built upon existing ideas, fundamentally changing life as we see it today.
The advantages of innovation are undeniably all around us. The internet, computers, smart TVs, phones, air travel, cars, and so many other innovations have made human life significantly easier, safer, and richer.
It should be easy to celebrate new inventions, yet it is not. This, even though evidence continues to show that new technologies do more good than harm. Take Uber, for example.
The benefits of Uber
Since its introduction, Uber has brought numerous benefits.
Apart from making life easier for numerous people, Uber has also saved lives. According to a recently published National Bureau of Economic Research Working Paper, Uber has reduced alcohol-related fatalities and accidents. The authors estimate that, in dollar terms, such benefits range from $2.3 to $5.4 billion a year.
This need not be surprising. Accidents cost productive human life and damage to property. Repair costs for cars alone can reach tens of thousands of dollars. This is money that can be invested to grow the economy.
Certainly, it is easy to dismiss the benefits of such seemingly minor improvements, especially when living in one of the most developed countries, where widespread subsistence poverty is entirely a thing of the past.
It was not too long ago, however, that children had a 50 percent survival rate, the majority of individuals farmed, and most of the population lived in rural areas. Even as recently as 50 years ago, the richest of nobles could not imagine the level of comfort and luxury the average American experiences today.
Through the discovery and development of advanced life-saving tools such as vaccines and modern medical techniques and technologies, life expectancy has risen even in the poorest of countries on earth. Infant mortality has decreased significantly. Standards of living have also improved virtually everywhere, affording most individuals a more comfortable life.
While it has become seemingly fashionable to question growth and innovations, the truth is that continued growth is necessary to maintain high standards of living. Additionally, for poor countries, increased economic growth means an opportunity for people to afford necessities like food and clothing.
Growth should be celebrated and encouraged. It is the only way societies get new, cheaper, and better things.