As we get wealthier, we also become enhanced physically, cognitively, and morally, leading to a virtuous cycle of improvements to the standard of living. As the economy improves, human cognitive ability and moral reasoning improves, which helps markets to work better and makes the process of innovation more productive, leading to greater wealth, more mental and moral development, and so on. . . .

In the study of history, the importance of mankind’s mental and moral development has often been overlooked. My guess is that the rate of mental and moral development will accelerate sharply over the next few decades, and the phenomenon will be more widely noticed and its significance better appreciated.

A virtuous circle? Bring it on!