The genome that we decipher in this generation is but a snapshot of an ever-changing document. There is no definitive edition. - Matt Ridley

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The genome that we decipher in this generation is but a snapshot of an ever-changing document. There is no definitive edition.

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About Matt Ridley

Matthew White Ridley, 5th Viscount Ridley, DL, FRSL, FMedSci (born 7 February 1958), usually known as Matt Ridley, is a British journalist who has written several popular science books. He is also a businessman and a Conservative member of the House of Lords.

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Also Known As

Alternative Names: Matthew Ridley, 5th Viscount Ridley Hon. Matthew White Ridley Matthew White Ridley, 5th Viscount Ridley Dr M W Ridley Matthew White Ridley
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Additional quotes by Matt Ridley

Specialisation, accompanied by exchange, is the source of economic prosperity. Here, in my own words, is what a modern version of Smithism claims. First, the spontaneous and voluntary exchange of goods and services leads to a division of labour in which people specialise in what they are good at doing. Second, this in turn leads to gains from trade for each party to a transaction, because everybody is doing what he is most productive at and has the chance to learn, practise and even mechanise his chosen task. Individuals can thus use and improve their own tacit and local knowledge in a way that no expert or ruler could. Third, gains from trade encourage more specialisation, which encourages more trade, in a virtuous circle. The greater the specialisation among producers, the greater is the diversification of consumption: in moving away from self-sufficiency people get to produce fewer things, but to consume more. Fourth, specialisation inevitably incentivises innovation, which is also a collaborative process driven by the exchange and combination of ideas. Indeed, most innovation comes about through the recombination of existing ideas for how to make or organise things. The more people trade and the more they divide labour, the more they are working for each other. The more they work for each other, the higher their living standards. The consequence of the division of labour is an immense web of cooperation among strangers: it turns potential enemies into honorary friends. A woollen coat, worn by a day labourer, was (said Smith) ‘the produce of a great multitude of workmen. The shepherd, the sorter of the wool, the wool-comber or carder, the dyer, the scribbler, the spinner, the weaver, the fuller, the dresser . . .’ In parting with money to buy a coat, the labourer was not reducing his wealth. Gains from trade are mutual; if they were not, people would not voluntarily engage in trade. The more open and free the market, the less opportunity there is for exploitation

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