The Economy in Perspective
An embarrassment of riches … In the not-too-distant land of Cornucopia, an inventor named Henri Lagniappe found a way to increase the efficiency of power generation by a factor of five. Whether fueled by coal, water, sun, wind, or nuclear material, electrical power could now be produced much less expensively than before. Moreover, genius that he was, Lagniappe showed no sign of letting up. The previous year, he had discovered how to reduce the friction of ball-bearings by one-third; the year before that, he had patented a process to improve the yields of corn and soybeans dramatically. And now he was rumored to be on the verge of finding a foolproof method to protect information traveling on the Internet.
Suggested citation: “The Economy in Perspective,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-08, pp. 01, 08.01.1998.