Technology and Capital Accumulation

The release of a new method of engaging in life-saving surgery by robotic machines has sparked in my memory the lessons of Ludwig von Mises. Laymen often compare technological growth with the insights of the scientists and natural science intellectuals. Many fail to realize the role that capital accumulation plays in these scenarios. It is due to the accumulated capital and the abstention from consumption by capitalists that the scientist may perform their research and receive wages. The scientist receives the wages from the entrepreneur that in turn receives their capital by the savings of lenders and capitalists. The role that economics plays in the growth of technology and thus, the standard of living of all individuals has over the decades been suppressed. It is important for the masses to understand that only when individuals engage in saving can entrepreneurs begin to contemplate, experiment with technologies, pay the wages of their laborers, and thus increase the value of future goods in comparison to present goods. Only with lowering time-preferences will peoples enjoy the fruits of the natural sciences and ability to test previously unprofitable technologies. As we extend our vision into the future, Americans must understand that it is through capitalism that we have been able to increase our lifespans and enjoy greater technologies and luxuries inconceivable to the kings of yesteryears. Therefore, we must not lose sight of the role that economics and capital accumulation play in our ever increasing standard of living. Because it is only through the existence of savings and capitalistic production that natural science and human innovation can take root.